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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
Authorised Payment Institution
Spain (Banco de España)
Monex Europa S.L.
Investment Firm / Payment Institution
Spain
Monex Europe Markets S.V., S.A.U.
The stack
Payments / PSP
Monex Pay (self-operated)
Lending
Supplier Factoring (Factoraje a Proveedores)Client Factoring (Factoraje a Clientes)Revolving Digital Credit (MXN $200K–$6M or USD equivalent)Simple Credit (multi-purpose term loan)Leasing
FX & payouts
Monex Pay (self-operated)
Accounting gap: significant