Spain-based financial technology firm Bnext will launch operations in Mexico in November, its first venture outside its home country, CEO Guillermo Vicandi said according to El Economista.

Bnext is aiming to have 250,000 customers in Mexico in its first year of operations. The company said it has already placed 250,000 cards in the Spanish market after operating for only two and a half years.

The Spanish fintech firm looks to take advantage of the cultural ties between the two countries, as well as the low banking penetration in Mexico and the fintech law, which gives a clearer regulatory picture for new fintech players, Vicandi said.