Bineo Changes Hands: Banorte Pulls Back Its 100% Digital Banking Bet as Klar Speeds Up Its Path to a Banking License
The sale of Bineo—the digital bank Grupo Financiero Banorte formally launched in 2024—marks a shift in the strategy one of Mexico’s biggest financial players used to compete in the new wave of mobile financial services. Less than a year after going to market, the project didn’t reach the break-even point the group had set as the condition to keep it going, and it ultimately became an attractive asset for a fintech: Klar, which agreed to acquire it (for an undisclosed amount) pending regulatory approvals.
In the background is a tension that keeps resurfacing in Mexican banking: innovating quickly and capturing younger users without compromising regulatory standards or profitability in a fiercely competitive environment. Since 2019, Banorte mapped out a three-pronged plan: speed up digitization of the “parent” bank, develop partnerships (such as issuing the Rappicard with Rappi), and create a standalone, 100% digital bank with cloud infrastructure. That third track became Bineo, designed to operate without branches and with its own teams and processes, though in practice it remained connected to the group’s broader structure.
The problem is that the market Bineo entered in 2024 was no longer the market of 2019. The pandemic accelerated digital adoption and reduced the “premium” from simply being a banking app. On top of that, the ecosystem of fintechs and Sofipos (popular finance institutions) competing for retail savings with high yields expanded, along with the rise of payments and digital commerce players. At the same time, Banorte strengthened its own mobile banking and digital onboarding, raising the risk of internal cannibalization: the same group could end up fighting for the same user with two different brands.
The value proposition also proved decisive. While several digital-native competitors positioned themselves early with credit cards and a simple origination experience, Bineo launched with a debit account and a personal loan, adding features gradually, including remittance collection. The credit card—key to competing for higher-profit customers—faced delays when corporate guidance prioritized financial discipline over rapid expansion. In a country where financial inclusion remains uneven (with cash still dominant and regional gaps), the “winning” product is often the one that combines convenience with clear incentives: yields, credit, and an end-to-end offering.
For Banorte, the pullback looks consistent with the macro and competitive backdrop. Between 2021 and 2024, Mexico went through an inflation shock and a high-rate cycle that raised funding costs and increased the profitability bar for new projects. Although Banco de México began cutting its benchmark rate in 2024 and 2025 as inflation eased, the financial system is still operating with a more conservative mindset: growth is assessed through efficiency, risk control, and risk-adjusted return metrics. In that context, maintaining three “lanes” (traditional/digital Banorte, Rappicard, and Bineo) could mean duplicative investment in technology, marketing, and operations.
On Klar’s side, the acquisition reflects a clear trend: fintechs that grew under non-bank structures are looking to jump to banking infrastructure and a banking license to broaden products, funding, and scalability. With Bineo, Klar gains a platform already built to banking standards, along with assets and processes that carry less regulatory uncertainty than starting from scratch—plus a doorway to evolve its portfolio: credit cards, yield-bearing accounts, and personal loans, with an eye—according to its plans—on payroll products and SME financing. In Mexico, that last category is especially important: lending to small and midsize businesses remains a major gap despite their weight in employment and economic activity.
Another factor increasingly shaping product decisions is compliance and risk. The remittance business, while massive for Mexico due to flows from the United States, requires strict anti-money-laundering monitoring and traceability; in a tougher international environment, many institutions are carefully weighing the risk-reward tradeoff. If Klar chooses not to prioritize remittances, its strategy would align with a growth focus on credit and deposits with tighter control over the source of funds.
The deal sends signals to the market: building a digital bank inside a traditional group doesn’t guarantee traction if the main bank’s app has already solved much of the user experience. At the same time, it confirms that banking infrastructure—license, controls, tech architecture, and operating capabilities—has become a valuable asset for fintechs looking to consolidate in a market where margins are being squeezed by rate competition, customer acquisition costs, and rising consumer expectations.
In perspective, Bineo’s outcome points to phased consolidation: big banks strengthening digital capabilities within the core brand, and fintechs buying or enabling licenses to expand their reach. If rates continue to ease gradually and consumption stays resilient, credit could pick up; but competition for deposits and users will keep pushing players toward more complete offerings and flawless execution in technology, service, and risk controls.
Final note: Bineo’s sale to Klar reflects a strategic reshuffling more than a slowdown in Mexico’s digitalization. Banorte is betting on concentrating its digital progress within its main platform, while Klar is accelerating its transition toward a broader banking model. In an environment of intense competition and heightened regulatory scrutiny, profitability, product differentiation, and risk management will continue to determine which digital models scale—and which ones get integrated or change hands.
