New Stock Trading Platform Challenges GBM’s Market Dominance in Mexico

Fintual’s waitlist grew exponentially within 48 hours of its announcement, posing direct competition to GBM, the current market leader.

Grupo Bursátil Mexicano (GBM), a cornerstone of Mexico’s financial sector with over three decades of experience, faces fresh competition in the digital investment market. The company, which revolutionized stock market access in Mexico by driving investment accounts from 947,000 to 5.4 million between 2019 and early 2023, now sees its market leadership challenged.

GBM’s digital transformation gained momentum in 2021 when SoftBank—one of the world’s most influential venture capital funds—announced an investment of up to $150 million, propelling the Mexican firm to coveted unicorn status. However, the Japanese giant’s backing, known for its successful bet on Alibaba and more controversial investments like WeWork—which led to $9.3 billion in losses in 2020—never fully materialized. Sources close to CONTXTO confirmed that SoftBank opted not to exercise the second half of its committed funding, which would have provided an additional $75 million.

The initial capital injection allowed GBM, traditionally a conservative institution, to adopt startup-style strategies: launching its GBM+ app and rolling out an extensive advertising campaign across major Mexican cities. However, this accelerated transformation has hit significant roadblocks. A series of technical failures and internal conflicts have impacted user satisfaction, reflected in a recent average rating of less than two stars in app stores.

Against this backdrop, other players have begun winning public favor. With Webull’s recent acquisition of Flink and reported talks between Finsus and Ruut, GBM was already facing a more crowded market. Recently, Fintual, an investment manager regulated by Mexico’s National Banking and Securities Commission (CNBV) that manages over $1 billion for 150,000 clients, announced its entry into the fractional global stock trading market. Public response has been remarkable: their waitlist has grown exponentially since the social media announcement, as evidenced by their public registration counter.

This expansion marks a turning point for Fintual, which until now had focused exclusively on managed investment funds. With this move, the company enters direct competition in GBM’s most profitable segment, heralding intensified competition in the Mexican sector—a development that should improve both service levels and investment conditions for Mexican investors.