Banca Mifel
Banca Mifel is a Mexican commercial bank within Grupo Financiero Mifel, founded in 1993, serving retail, SME, private, and corporate clients through 87+ branches across 15+ states and a digital banking platform.
- Company typePrivate
- Founded1993
- HeadquartersMexico City, Mexico
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What Banca Mifel does
Banca Mifel is a Mexican commercial bank founded in 1993 and operated within Grupo Financiero Mifel, serving retail, SME, private banking, and corporate clients. The bank runs a hybrid distribution model combining more than 87 physical branches across 15+ Mexican states with a digital banking platform, supported by access to an 11,800-ATM interbank network and partnerships with OXXO, Apple Pay, Google Pay, and Discover Global Network. Its core technology stack is built on Infosys Finacle core banking software, with a recently launched digital platform aimed at expanding beyond traditional branch banking into online account opening and payments.
Product offerings span deposit accounts (including the flagship Cuenta Digital marketed at a 10% annual yield), mortgages, business credits, payroll services, investment funds, and insurance distribution. The bank has built a digital customer base exceeding 500,000 users and emphasizes cross-selling across its product suite. Revenue is generated primarily through net interest income on credit and securities portfolios, fees and commissions on banking services and insurance distribution, and treasury/investment activities. A $300M international bond issuance and a reported ROE of 23.38% indicate a profitable, capital-raising growth posture, while recognition such as the International Banker 2026 award and brand ambassadorship with Mexican footballer Raúl Jiménez underscore consumer brand investment.
Banca Mifel firmographics
Firmographics- Name
- Banca Mifel
- Legal name
- Banca Mifel, S.A., Institución de Banca Múltiple, Grupo Financiero Mifel
- Website
- https://mifel.com.mx
- Company type
- Private
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Banca Mifel is a Mexican commercial bank within Grupo Financiero Mifel, founded in 1993, serving retail, SME, private, and corporate clients through 87+ branches across 15+ states and a digital banking platform.
- Ownership category
- akta.pro rank
Where Banca Mifel is headquartered
LocationHeadquarters
- HQ city
- Mexico City
- HQ country
- Mexico
- HQ region
- Latin America
Offices14 records
Markets served
Banca Mifel business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Interest Income from Lending: Traditional banking revenue from interest charged on credit products including personal loans, mortgages, payroll loans, and commercial/business credits.
- Fee Income: Transaction fees, account maintenance fees, credit card fees, and commissions from services including wire transfers, foreign exchange, and safe deposit boxes.
- Investment Products Distribution: Distribution of investment funds, structured notes, and digital investment products (Pagaré Digital) earning spread and distribution fees.
- Insurance Product Sales: Commission revenue from sale of insurance products including auto, home, life, travel, and pet insurance through the bank's insurance solutions platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | Cuenta Digital Mifel with 10% annual interest rate |
| One time/ perpetual license | Pay-as-you-go | Pagaré Digital with 6.50% annual rate at 90 days |
| Subscription | Monthly | Hipoteca Tradicional from 9.40% annual rate |
| Hybrid | Monthly | Cuponera Digital tiers based on average monthly balance |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels6 records
Banca Mifel product offering
Product offeringCore offering
Banca Mifel is a Mexican universal bank offering retail and commercial banking products, including checking accounts (digital and traditional), payroll accounts, payroll-backed and personal loans, mortgages (FOVISSSTE, Infonavit and traditional), investment funds, structured notes, treasury/mesa de dinero services, and a packaged insurance offering (SOLUCIONES Mifel). It serves individuals, small businesses, and large corporates through 87+ branches across Mexico, a digital account product with 10% annual interest, a mobile app (Mifel Móvil) and web portal, and integrations with Apple Pay, Google Pay, and the OXXO retail payment network.
Product overview
Banca Mifel operates as a diversified Mexican banking group (Grupo Financiero Mifel) offering an integrated platform of traditional and digital banking products across personal, business, and private banking segments. The core offering centers on the Cuenta Digital Mifel and Cuenta Digital Evoluciona digital savings accounts with competitive 10% annual yields, complemented by investment products (Pagaré Digital, Notas Estructuradas, Fondos de Inversión, Mesa de Dinero), credit products (personal, payroll, mortgage loans including FOVISSSTE and Infonavit cofinancing variants), insurance (auto, home, travel, life, pets), and merchant services. The digital ecosystem includes Mifel Móvil app, Mifel Personas web portal, and Token Móvil authentication, with Apple Pay and Google Pay integration for contactless payments. Corporate services encompass business credit (Impulso Mifel), foreign exchange, trust arrangements, and Discover Global Network payment processing. The bank operates 87+ branches across major Mexican cities and claims over 500,000 digital account customers.
Differentiator
Problem solved
Functional benefit
Brands
- Cuenta Digital Mifel: Digital savings account with 10% annual yield, daily interest payments, and digital coupon rewards program
- Cuponera Digital Mifel
- Pagaré Digital Mifel
- Banca Privada Mifel
- Mifel Móvil
- El Semanal de Mifel
Products and services
- Cuenta Digital Mifel
- Cuenta Tradicional Mifel
- Cuenta Nómina Mifel
- Cuenta Empresarial Dólares
- Pagaré Digital Mifel
- Crédito Personal Mifel
- Crédito de Nómina Mifel
- Crédito Hipotecario Mifel
- Impulso Mifel
- Fondos de Inversión Mifel
- Notas Estructuradas Mifel
- Mesa de Dinero Mifel
- Comercio Mifel
- Mercados Globales Mifel
- Fideicomisos Mifel
- Banca Privada Mifel
- SOLUCIONES Mifel (insurance package)
- Seguro de Auto Mifel
- Seguro de Hogar Mifel
- Seguro de Vida Mifel
- Seguro de Viajes Mifel
- Mifel Mascotas
- Mifel Móvil
- Banco en Tu Casa Mifel
- Cajas de Seguridad Mifel
- Token Móvil Mifel
Quantifiable outcome
- 500,000+ Cuenta Digital customers
- +2 more outcomes
Companies that use Banca Mifel
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles2 records
Banca Mifel technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature5 records
Banca Mifel partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core and minor.
- Discover Global NetworkcoreMifel+Discover Global Network partnership enables acceptance of payments from 345 million international cardholders. The partnership expands merchant payment capabilities for business clients.
- Apple Inc.coreApple Pay integration allowing Mifel cardholders to make contactless payments using Apple devices with tokenized card credentials.
- Google LLCcoreGoogle Pay integration allowing Mifel cardholders to make contactless payments using Android devices with tokenized card credentials.
- Infosys (Finacle)coreBanca Mifel partnered with Finacle from Infosys in 2012 for core banking system implementation. Finacle is used by 165 banks in 90 countries and provides universal banking solution enabling direct processing maximization and automation acceleration.
- Multired ATM AlliancecorePartnership with Multired network providing access to 11,800+ fee-free ATMs across Mexico for Mifel customers.
- Banco AztecacoreATM alliance providing fee-free cash withdrawals at Banco Azteca locations across Mexico.
- HSBC MexicominorATM network partnership for fee-free cash withdrawals at HSBC locations in Mexico.
- Scotiabank MexicominorATM network partnership for fee-free cash withdrawals at Scotiabank locations in Mexico.
- BanbajíominorATM network partnership for fee-free cash withdrawals at Banbajío locations in Mexico.
- InbursaminorATM network partnership for fee-free cash withdrawals at Inbursa locations in Mexico.
- BanregiominorATM network partnership for fee-free cash withdrawals at Banregio locations in Mexico.
- Banco MultivaminorATM network partnership for fee-free cash withdrawals at Banco Multiva locations in Mexico.
- Pumas UNAMminorSports sponsorship agreement with Pumas UNAM football team signed in 2018 for brand visibility and marketing activation.
- Leones de YucatánminorSports sponsorship agreement with Leones de Yucatán baseball team signed in 2023 for brand visibility.
- Mineros de ZacatecasminorSports sponsorship agreement with Mineros de Zacatecas football team signed in 2023 for brand visibility.
Scale indicators8 records
Recent moves12 records
Expansion highlights6 records
Banca Mifel competitors and assessment
Company assessmentDirect peers
- Banorte: One of Mexico's largest commercial banks (Grupo Financiero Banorte) offering retail, business, and private banking with a hybrid physical-digital model. Most directly comparable Mexican commercial bank with similar product breadth, branch footprint, and digital strategy at larger scale.
- Hey Banco: Banregio's digital challenger bank offering mobile-first retail banking in Mexico. Competes directly with Cuenta Digital Mifel on yield, UX, and digital customer acquisition in the same retail segment.
- Nu Mexico (Nubank): Digital-first neobank operating in Mexico with credit cards, personal loans, and deposit products. Direct competitor for retail digital customers with mobile-first onboarding and aggressive pricing strategy.
- Banregio: Mexican regional commercial bank with strong digital push via Hey Banco. Similar size and hybrid banking model targeting retail and SME customers in northern Mexico with comparable asset base and growth profile.
Regional players
- Banco Azteca: Mexican-focused commercial bank with extensive branch network through Elektra retail stores. Targets underbanked retail segments with similar focus on financial inclusion and accessibility, predominantly serving domestic Mexican market.
Broad incumbents
- HSBC Mexico: International bank with major Mexican operations offering retail and commercial banking. Strong in cross-border and trade finance, comparable to Mifel's international ambitions but at substantially larger scale and broader corporate presence.
- BBVA Mexico: Largest Mexican commercial bank with comprehensive retail, business, and corporate banking. Broad incumbent offering similar banking products at significantly larger scale with extensive branch network and aggressive digital transformation.
- Santander Mexico: Major Mexican commercial bank subsidiary of Banco Santander. Competes across retail, SME, and corporate banking segments with substantial digital push via mobile banking platform and Openbank-style offerings.
- Scotiabank Mexico: Canadian bank's Mexican commercial banking subsidiary offering retail, SME, and corporate services. Direct competitor in mortgage and personal lending markets with similar mid-tier positioning and broader geographic reach.
Emerging players
- Covalto: Mexican digital bank (formerly Consubanco) focused on business banking, SME lending, and cross-border services. Emerging competitor in the Mexican business banking segment adjacent to Mifel's Impulso Mifel offering and Mercado de Pagos strategy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Banca Mifel social profiles
Digital presenceBanca Mifel compliance and trust
Trust signalCompliance4 records
Banca Mifel financial estimates
Financial estimateRevenue estimate
Valuation estimate
Banca Mifel leadership team
Management profileNumber of profiles
Profiles3 records
Banca Mifel subsidiaries and ownership
Company hierarchySubsidiaries3 records
Banca Mifel funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Banca Mifel M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Banca Mifel
What does Banca Mifel do?
Banca Mifel is a Mexican universal bank offering retail and commercial banking products, including checking accounts (digital and traditional), payroll accounts, payroll-backed and personal loans, mortgages (FOVISSSTE, Infonavit and traditional), investment funds, structured notes, treasury/mesa de dinero services, and a packaged insurance offering (SOLUCIONES Mifel). It serves individuals, small businesses, and large corporates through 87+ branches across Mexico, a digital account product with 10% annual interest, a mobile app (Mifel Móvil) and web portal, and integrations with Apple Pay, Google Pay, and the OXXO retail payment network.
Is Banca Mifel a public or private company?
Banca Mifel is a private company. It is classified as corporate owned and is currently operating.
When was Banca Mifel founded?
Banca Mifel was founded in 1993. It employs 1,001 to 5,000 people.
Where is Banca Mifel based?
Banca Mifel is headquartered in Mexico City, Mexico, in the Latin America region.
How does Banca Mifel make money?
Four revenue lines are on record. Interest Income from Lending is the primary driver. The others are fee Income, investment Products Distribution and insurance Product Sales.
Who are Banca Mifel's main competitors?
Direct peers on record are Banorte, Hey Banco, Nu Mexico (Nubank) and Banregio. Banco Azteca is listed as a regional player. Broad incumbents are HSBC Mexico, BBVA Mexico, Santander Mexico and Scotiabank Mexico. Covalto is listed as an emerging player.
Does Banca Mifel have an API?
No public API is recorded for Banca Mifel.