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Monex

Can a Mexico-based investment-grade financial institution become the dominant B2B FX and cross-border payments platform for corporate clients across the Americas and Europe?

HQMexico City, Mexico (Monex Grupo Financiero); London, UK (Monex Europe)
IndustryFintech / Cross-border payments
The story

Monex S.A.P.I. de C.V. is a Mexico-headquartered investment-grade financial services group that has expanded its corporate FX and international payments business globally through subsidiaries in Europe (Monex Europe, Monex Europe Markets S.V.), North America (Monex USA, Monex Canada), and beyond. The group's embedded finance angle is primarily in B2B FX risk management, cross-border payments infrastructure (Monex Pay), and corporate lending (factoring, revolving credit, leasing) for SMBs in Mexico. The European and Canadian arms focus almost exclusively on FX execution and international payments for corporate clients, with Monex Pay serving as the digital platform for mass payouts.

Last 12 months
2025-01
Product timeline
2017
Monex Canada, Inc. incorporated as a specialist commercial FX and international payments subsidiary of Monex S.A.P.I. de C.V.· pivot
2023
Monex Group facilitated $309 billion in FX turnover globally across its network of subsidiaries.· banking
Regulated entities
2
regulatory licences held by Monex
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Monex’s embedded-finance stack
Payments / PSP
Monex Pay (self-operated)
Money movement
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: significant
7 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.