Mexican neobank Hey Banco has revealed that it will become independent of its parent company Banregio by 2025.
Hey Banco is currently navigating the process of acquiring essential operational authorisations from diverse governmental entities, according to the Paypers.
These include the Comisión Nacional Bancaria de Valores and Banco de México, particularly for SPEI services. Additionally, the neobank is seeking permissions for integrating banking correspondents such as Oxxo or Farmacias del Ahorro into its operations.
Migrating Hey’s customer base to the new independent entity is one of the significant challenges in this split-off, requiring additional regulatory approvals.
The aim is to complete this process by late December 2024 or early 2025 for the operational launch as an independent entity.
The firm, which was established in August 2019, offers services such as credit cards and savings accounts. Unlike its competitors, Hey Banco focused on the mass consumer market, while Banregio concentrates on providing personalised advisory services to small to large businesses and high-income individuals.
Despite Hey’s digital focus, Banregio plans to enhance its digital banking capabilities, influenced by the insights gained from Hey.
In other recent news from the sector, fellow Mexican neobank, albo, successfully closed a growth funding round worth $40m in September 2023.
The infusion was spearheaded by United States-based Morpheus Ventures. The funding round also witnessed significant backing from former supporters like the US-based Valar Ventures and Mexico’s own Nazca Ventures.
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