With this decision, Mexico will have a total of 50 entities with authorization to function as multiple banks and the National Banking and Securities Commission (CNBV) said that the liquidation of the bank will not affect the Mexican financial system because it represented only 0.08% of the total of the system.
Last July, Accendo Banco boasted that “despite the macroeconomic environment, the bank is reaping the fruits of the strategic decisions taken more than four years ago, which finally makes us leaders in this new fintech era and supports our positioning as the Digital Bank of Mexico ”, he emphasized. The entity carried out this transformation after, in 2016, its then manager Carlos Djemal was accused of money laundering.
The bank also reported last July that it had cleaned up its portfolio, lowering the delinquency rate to 1.7%, and that it had a stockholders’ equity of 1,028 million pesos.
Between 2020 and 2021, the bank’s shareholders had agreed to an injection of 642 million pesos. 100 million had already been received last June, according to a report.
What is Accendo Banco?
Accendo Banco was known as ‘the fintech bank’, as it focused on a Banking as a Service (BaS) business model and had alliances with Rappi, Cuenca, Billpocket, SWAP, Kushki, Sr. Pago, Clara, NEA, Okredito, Delt.ai, Feenicia, Pharos Payments, Paycips, Punto Clave, Blacklabs, Bosc, among others.
It also offered loans to federal, state and municipal governments with products including trusts and financial markets and risk management solutions, including foreign exchange.
Accendo had won recognition as the “best Fintech Bank in Mexico” from Capital Finance International magazine in 2019.