MultiMoney Becomes Guatemala's 19th Bank Following Regulatory Approval

MultiMoney has officially joined Guatemala’s regulated financial system, marking a significant milestone for the fintech and the country’s banking sector.

With authorization from the Superintendence of Banks (SIB), the company became the nation’s 19th supervised bank, introducing a fully digital model designed to reshape how financial services adapt to people.

From Fintech to Bank: A Strategic Evolution

MultiMoney entered Guatemala’s regulated banking system in July 2025, after more than a decade of operations in the region. According to the company, the move reflects a broader transformation strategy aimed at making banking more accessible and customer-centric.

“At heart, we are a fintech, but we became a bank to give customers solidity and trust,” said Federico Parker, Strategy and New Business Manager at MultiMoney, in statements to Bloomberg Línea.

This transition builds on an already established compliance culture across the region. In Costa Rica, MultiMoney operates as a non-bank financial entity under the supervision of the Superintendence of Financial Entities (SUGEF), while in El Salvador it functions as a savings and credit institution regulated by the Superintendence of the Financial System (SSF).

In Nicaragua, the company operates Call Center Back Office (CCBO) as a shared services hub. The company’s next objective is to replicate its regulated model in Mexico, where its operations are still in early stages.

A Digital Bank in a Traditional Market

MultiMoney’s entry comes in a market dominated by long-established banks, some with over a century of history. Against this backdrop, the new player is positioning itself with a 100% digital process model, aiming to differentiate through speed, transparency, and user experience.

This approach aligns with a broader shift toward digital financial services in Latin America, where fintech-led models are increasingly challenging traditional banking structures.

Financial Inclusion Remains a Regional Challenge

Parker acknowledged that financial education continues to be a major barrier to closing inclusion gaps, as many people in the region remain unbanked and rely on informal lending, often at significantly higher costs.

While the pandemic accelerated account adoption, particularly for receiving transfers, remittances, and making digital payments having an account alone does not ensure full financial inclusion. As highlighted by the United Nations Development Programme (UNDP), many households still avoid formal savings and credit due to high transaction costs, institutional distrust, and information gaps that limit user confidence.

“This won’t be solved by a single institution or government alone,” Parker said. “It’s a collective effort involving government, the private sector, banks, schools, and households. We’re contributing by designing our products with that purpose in mind.”

Credit, Savings, and a Vision of Financial Freedom

Within this context, MultiMoney offers credit lines ranging from GTQ 4,000 to GTQ 240,000 (approximately US$500 to US$30,000), with funds deposited in 60 minutes or less and “no hidden fees,” according to Parker.

On the savings side, the bank is preparing to launch digital accounts in Guatemala with a flat 5% on-demand interest rate.

“We want prosperity for everyone, not just those who have already managed to save more. Whether you have 10, 100, 1,000, or a million, you’ll be treated the same and have the same opportunities,” Parker stated.

Tapping Into Central America’s Demographic Opportunity

MultiMoney’s strategy also responds to regional demographics. In Guatemala, where the median age is 28.7 years according to the National Institute of Statistics (INE), a young population is entering its peak consumption phase.

“The opportunity in Central America is tremendous. We need homes, supermarkets, pharmacies, services, and young people need financing on the best possible terms,” Parker said.

He added that MultiMoney has become a strategic partner for entrepreneurs, from shop owners to workshop operators, supporting productive activities through accessible financing.

“That’s the type of credit we want to support,” he concluded.