New challenger Xpats kicks off from Mexico

via FinTech FuturesĀ 

Xpats Challenger Bank is a new Mexican venture targeting, as you can imagine, expats around the word, with a digital and mobile offering.

FinTech Futures understands that the new digital bank was set up by Ictineo Plataforma, which offers financial solutions for productive sectors of the population with low incomes. The company is a financial institution regulated by the CNBV.

From this company, only Robert Monturiol is mentioned as a founding partner at Xpats.

It is also understood that Xpats uses technology provided by Evolve Fintech, a Mexico-based fintech platform which provides regulated white labelled technology to other companies.

The bank says that on full launch, it will have three types of offering: Silver, which is free and has basic features; Black for under $10 a month, with limited premium features; and Adamantium, for nearly $20 and all premium features unlocked.

In February, the bank opened its waiting list for potential Xpats account holders, offering 1,000 free Black Plans for a year.