Hey Banco Wants to Be the Next Mexican 'Unicorn'

Hey Banco, the digital division of Banregio, aims to become a 'unicorn' by late 2022 or early 2023. Its goal is to obtain its banking license and operate independently.
The company plans to invest 20 million pesos in advertising to attract over 300,000 new customers and aims to reach 1 million users by 2022.

Hey Banco plans to introduce electronic banking and trading functions in Mexico. Photo: Hey Banco (Facebook)

08/10/2021

Hey Banco, the digital division of Banregio, aims to become a 'unicorn' by late 2022 or early 2023. They are seeking a new banking license to operate independently from Banregio's current license.

The process, which may take 12 to 18 months, involves engaging with regulatory authorities such as the CNBV, Banxico, and the Secretariat of Finance. Meanwhile, Hey Banco is actively preparing the necessary documentation and securing the minimum capital required.

To achieve its goal, Hey Banco will need to invest 20 million pesos in advertising to attract over 300,000 new customers and have set a goal of reaching 1 million users by 2022.

Hey Banco offers savings accounts, lines of credit, and plans to introduce electronic banking and stock trading features for individual customers.

Read the full article (in Spanish).

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