Santander replaces Getnet Mexico CEO to accelerate its payments platform in a key Latin American market
Executive summary: Santander named Fernando Benito, former CEO of Getnet Chile, as the new responsible for Getnet’s payments platform in Mexico, replacing the prior Mexico leadership. The appointment aims to accelerate growth and profitability of Santander’s payments business in Mexico, a strategic market where its fintech Ebury has recently turned profitable.
Who is involved: Santander, Getnet, Fernando Benito (ex-Getnet Chile CEO), Mexico market
Likely next: Getnet Mexico will likely pursue expanded merchant acquisition, integration with Santander’s broader Latin American payments strategy, and potential synergies with Ebury’s SME-focused offerings.
Santander has appointed Fernando Benito, previously chief executive of Getnet Chile, to lead its Getnet payments platform in Mexico, replacing the prior country head. The change reflects a deliberate effort to accelerate the rollout of merchant acquiring and digital payment services in what is arguably Latin America’s most dynamic fintech arena. Benito’s experience steering Getnet’s operations in another sizable Spanish‑speaking market suggests Santander wants a leader who can quickly replicate scalable models and integrate local merchant networks. The move coincides with two telling developments. Ebury, Santander’s specialized payments fintech for small and medium enterprises, recently reached profitability and launched operations in Mexico, signalling that the group’s broader payments ecosystem is gaining traction. At the same time, rival Spanish lender Sabadell is seeking 200 million euros from large investors to grant its Mexican subsidiary greater autonomy, underscoring a wider trend of Spanish banks deepening their commitment to the Mexican financial sector. Together, these signals point to a coordinated push by European incumbents to capture a larger share of Mexico’s rapidly digitizing commerce landscape. In the near term, expect tighter coordination between Getnet’s merchant‑focused infrastructure and Ebury’s SME‑oriented cross‑border payment tools, potentially creating bundled offerings that differentiate Santander from pure‑play local competitors such as Clip and Mercado Pago. The bank’s ability to leverage its existing corporate and retail banking relationships across the region will be a key factor in whether this leadership reshuffle translates into sustained market‑share gains.
Timeline
- — Santander cambia al CEO de Getnet en México para impulsar el negocio de pagos (Expansión)
- — Ebury, filial de pagos de Santander, entra en beneficios y abre en México (Expansión)
Analysis — what this means
Likely next events
- Getnet Mexico to announce new merchant partnerships by Q4 2026
- Santander to report Getnet Mexico segment earnings in Q1 2027 earnings call
- Potential integration of Getnet and Ebury platforms in Mexico by mid-2027
Sectors affected
- Digital payments
- Merchant acquiring
- FinTech in Latin America
- SME banking services
Regulatory implications
- Mexican CNBV may scrutinize foreign-owned payment processors for data localization compliance
- Antitrust watchdogs could monitor concentration in Latin American acquiring markets
- Open banking reforms in Mexico may increase API-based competition for Getnet
Historical parallels
- BBVA’s 2021 integration of Openpay in Mexico to strengthen its payments unit
- Santander’s 2020 acquisition of Getnet Brazil to consolidate LatAm payments
- Nubank’s 2022 expansion of NuPay in Mexico as a digital-first challenger
Key entities
Sources
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