Banco Santander is finalizing its plans to bring Openbank to the United States and Mexico and will arrive in the second half of this year. The digital bank of the giant is thus making the leap across the pond after the growth it has carried out in Europe in recent years.
Openbank operates with a technology platform designed internally at Santander “with fintech prices,” as indicated by the entity. Openbank currently serves more than two million customers in Europe, with a presence in countries such as Spain, Portugal, Germany, and the Netherlands, and has 18 billion euros in deposits, leading digital banking on the continent.
With the launch of Openbank in the United States, the group will fully use its cloud technology platform for the first time, as indicated by Santander. The launch of Openbank will accelerate the execution of Santander’s growth strategy in the American giant with the acquisition of deposits to provide liquidity to its car financing subsidiary.
Ana Botín, chairwoman of Banco Santander, stated that “Openbank is the largest digital bank in Europe in terms of deposits and has one of the best customer engagement and satisfaction rates. We want to continue growing in the United States, the largest financial services market in the world, leveraging our technology and global capabilities to offer a winning customer experience.”
