Dutch neobank bunq has filed an application for a Mexican banking licence in a continuation of its international expansion strategy beyond Europe.

The company said it has formally applied for an Institución de Banca Múltiple licence with Mexico’s banking regulator, the Comisión Nacional Bancaria y de Valores (CNBV), in coordination with the country’s central bank, Banco de México.

If approved, the licence would allow bunq to offer full-service banking products to customers in Mexico, including multi-currency accounts and protected deposits under the country’s Institute for the Protection of Bank Savings (IPAB).

The move is aimed at serving what bunq described as a growing community of globally connected customers living and working in Mexico who face challenges accessing local banking services.

“bunq is designed for people who live, work, and travel across borders; as a vital hub connecting the Americas, Mexico is a natural home for us,” said Ali Niknam, founder and chief executive of bunq. “Our users are global citizens, so they need a bank that is safe, secure and easy to use, wherever they are.”

The neobank, which operates across more than 30 European markets, recently applied for a new US banking licence and secured approval for a US broker-dealer licence. The company became the first European neobank to secure a banking licence in more than 35 years and has previously reported a full year of profitability.

The FinTech said its expansion strategy continues to focus on digitally native and internationally mobile consumers underserved by traditional banking providers.

Mexico is an increasingly popular destination for foreign neobanks. In 2019, Brazilian giant Nubank expanded into the country, marking its first international expansion, and UK neobank Revolut gained a full license in Mexico earlier this year.

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