With nearly 2 million users and backed by the Peruvian conglomerate Credicorp, Tenpo is set to become Chile’s first fully digital bank. Its entry into the financial system will mark a major milestone in the industry’s transformation, offering a branchless model, credit products, and an enhanced digital platform.
Now just steps away from securing its final license from the Financial Market Commission (CMF), Tenpo is poised to make history with the launch of Tenpo Bank, Chile’s first 100% digital financial institution operating under the same regulatory standards as traditional banks.
If all goes according to plan, the license will be granted before the end of 2025, positioning Chile as a new player in the digital transformation of banking in Latin America.
Currently, the institution—part of financial holding Credicorp—is undergoing operational testing supervised by the CMF, in order to confirm compliance with all technical, regulatory, and operational requirements to operate as a bank.
«Tenpo Bank’s license will be issued before the end of 2025,» said Fernando Araya, CEO of Tenpo, in an interview with Chilean business publication Diario Financiero.
He also noted that this new phase will bring major changes to the company’s internal structure, indicating that Tenpo Payments, which currently issues prepaid and credit cards, will likely be replaced by the new digital bank.
«It’s hard to imagine that if I offer a superior value proposition to the customer, Tenpo Payments can continue offering what it does today,» he explained.
The migration of current users to the new banking platform will be voluntary, requiring explicit consent.
However, the company expects a high conversion rate, given its customer base of nearly 2 million. «We’ll offer them the chance to become customers of our neobank, with an irresistible offer,» Araya said.
The launch will take place through the same app currently used by customers, but with an upgraded offering: access to more products, with no extra costs.
The new features include credit products such as consumer, business, and mortgage loans. «We’ll start with a few features and roll out the others over time,» the CEO noted.
In line with its digital-first approach, Tenpo Bank will not have any physical branches. Nevertheless, the company emphasizes that a close relationship with its customers remains a priority.
«People care more about human interaction than physical presence, and Tenpo already delivers that,» Araya noted.
The company will continue developing virtual solutions to strengthen customer relationships, combining digital efficiency with personalized service, the executive added.
With regard to regulations, a key challenge for the neobank will be complying with Basel III requirements, the international framework for capital adequacy and risk management in banking.
Araya highlighted the company’s careful progress in this area, noting that «thanks to our risk and capital management policies, we’re on the right path. We’re quite conservative in that regard.»
He also emphasized the support of Credicorp, Tenpo’s main shareholder, as a solid foundation for the company’s transformation into a banking institution.
Since entering the market in 2020, Tenpo has seen steady growth and has become a key player in Chile’s fintech sector.
By the end of 2023, it had launched credit cards as a core product, reaching over 260,000 active users in that segment.
In 2024, it launched a secured credit card with savings, and now has more than 70,000 customers using the feature. It also offers a high-yield account in partnership with Banco Internacional with a 5.15% interest rate, one of the highest in the local market, according to Araya.
Tenpo has surpassed US$90 million in total loan placements, demonstrating its ability to consolidate its business model while progressing toward becoming a banking institution.
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