Five digital banks hold 1.2% of Mexico’s banking assets

Five digital banks have joined Mexico’s banking sector in less than two years: Revolut, Hey Banco, Plata, Nu and Openbank.

They began operating as banks between early 2025 and 2026, though some had already offered financial services in other forms.

Together they held 200 billion pesos in assets in August 2026, according to figures from Mexico’s banking regulator.

That was 1.2% of the sector’s total assets, which exceeded 16.4 trillion pesos.

Nu was the largest of the five, with 112.6 billion pesos in assets after starting as a bank in Mexico in August.

The newcomers remain small beside major banks such as BBVA México, Santander and Banorte, which each held trillions of pesos in assets.

Their combined size is already greater than that of some banks that joined the system in recent years, but no next steps are specified.