Mexico | Fintech Credit in April/May | Credit Cards Remain the Battleground

Research evidence excerpt

Mexico | Fintech Credit in April/May | Credit Cards Remain the Battleground

ulated entities.

. o/w fintechs 2.4 4.0 4.4 5.6% 8.1% 9.0%

The aggregate book—mostly credit card receivables—stood at MXN75.8bn up 3.8% m/m in May. Source: Jefferies estimates, CNBV, Condusef, Liverpool,

Mercado Libre

While overall growth remains solid, Ualá and Openbank appear to be struggling to scale their credit

ambitions, while it is still too early to assess Revolut. Openbank, despite launching more than a year Exhibit 3 - Latam- Fintechs CC penetration in

ago and raising a decent deposit base (MXN20bn as of May), has built a mere cMXN400m credit Selected markets

card book. We also note elevated NPL formation at Openbank over the last two months, equivalent 30.0% US$142bn US$49bn 20.0% US$14bn

to 60% of loans on an annualized basis. 25.0% 15.0%

Credit cards — Updating our all-in dashboard to Mar-26. Most fintech competition in Mexico 20.0% 10.0%

is concentrated in credit cards, which is not a coincidence: cards can drive medium-term client 15.0% 5.0%

engagement. Using multiple sources, we update our dashboard covering all credit card players 10.0% 0.0%

in the country—incumbents, fintechs and retailers. The total book now stands at US$48.7bn, with

fintechs, including Mercado Pago, reaching 9.0% market share, up from 8.1% in Dec-25 and 5.6% 5.0%

in Dec-24. Three players—Nu, Mercado Pago and Plata—have each gained roughly 1pp of market 0.0% Brazil Mexico Colombia

Nubank Othersshare since Dec-24. Conversely, Santander, HSBC and Inbursa have ceded share. BBVA remains .

the clear leader, with its market share broadly unchanged at 27.1% for more than two years. More Source:CC marketJefferies,size shownBACEN,at topCNBV,(US$bn)Superintendencia, Condusef