Open Bank S.A., is a fully digital bank and a subsidiary of Santander Group.

Open Bank

It is known for its innovation and technology-driven approach to banking.

Overview

Openbank provides a comprehensive suite of banking products and services, accessible through its website or a single smartphone application. These include current accounts, deposits, loans, mortgages, and a range of investment products such as funds, pensions, shares, and ETFs. The bank uses an open architecture system that incorporates numerous domestic and international funds and pension plans from several asset managers operating in Spain. As Europe’s largest digital bank by deposits, Openbank has operations in multiple countries and has achieved high customer recommendation rates in its primary market.

Open Bank History

Openbank was relaunched in 2017 with a completely redesigned platform and its own technology. It is 100% hosted in the cloud. Since then, Openbank has expanded its reach to include Germany, Portugal, and the Netherlands, all operating on a common technological platform.

Key historical highlights:

2017: Openbank was relaunched with a redesigned platform and proprietary technology.
2020 Onward: Expanded operations to Germany, Portugal, and the Netherlands.
Late 2024: Launched in the United States and Mexico.

Operations

Openbank operates as a digital-first banking platform. Customers can open an account in as little as five minutes via the Openbank app or website. It combines the agility of a fintech company with the security of a large financial group.

Openbank's offerings include:

High Yield Savings Accounts: Providing competitive rates.
Investment Platform: Incorporating a wide array of domestic and international funds and pension plans.
Personal Loans and Mortgages: Available through a fully digital contracting process.
Savings and Payroll Accounts: Including options designed to help children save.

Open Bank Recent Developments

Openbank has continued to expand its capabilities and geographic reach.

Key developments include:

US Expansion: In October 2024, Openbank launched in the U.S., offering high-yield savings accounts and aiming to grow deposits for Santander's consumer lending operations.
$2 Billion in Deposits: As of early 2025, Openbank has already reached $2 billion in deposits in the United States.
New Tech Hubs: To drive growth in the Americas, Openbank has opened three new technology development centers in Mexico City, Buenos Aires, and Miami.
New products: In 2025 and beyond, the Openbank digital platform will begin offering additional digital capabilities and products, such as Certificates of Deposit (CDs), Payments and Checking Accounts.

Customer Base

Openbank has a growing customer base. Over the past few years, Openbank has significantly increased its customer base, reaching over 1.7 million customers. Openbank is one of the largest digital financial entities in Europe with more than 2 million customers.