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Spanish challenger Bnext lands another €11m

August 05, 2020 at 08:00AM

Bnext, a Spanish challenger, has extended it Series A funding round by €11 million, Cinco Días reports.

The new capital adds to its already closed €22.5 million last October, bringing its financing round to €33 million. Whilst total capital obtained exceeds €40 million.

Bnext's co-founders Guillermo Vicandi and Juan_Antonio Rullán

Bnext’s co-founders Guillermo Vicandi and Juan_Antonio Rullán

Bnext’s existing investors include DN Capital, Redalpine, Speedinvest, Founders Future, Enern, Digital Horizons, Kreos Capital and Cometa.

It says these backers’ additional investment is “a contribution of trust in the neobank and in the opportunity to become the main banking alternative in the Spanish-speaking world”.

Boosting growth in Spain and LatAm expansion

Bnext will use the fresh capital to boost its growth across Spain, where it operates as an electronic money institution.

Currently in the process of migrating its Spanish services to Mastercard, the fintech has gathered more than 400,000 customers to date.

“Since its launch, our growth has been constant both in services and products and in users,” says CEO, Guillermo Vicandi.

Between January and June, the start-up claims use of its cards has jumped 20% despite national lockdowns hampering many challenger’s revenues.

Beyond Spain, the fintech will use the additional investment to consolidate its expansion in Mexico and ready it for further Latin American expansion.

Bnext began operating in Mexico at the beginning of this year. It claims to have more than 60,000 users in the country already, representing growth of more than 35% per month.

New product launches

In July, Bnext launched it premium accounts. This subscription model includes assistance services which help with personal income tax declaration, as well as an online medical chat.

The loyalty programme attached to this account has partnered with heavyweight brands such as AliExpress, Nike and Groupon.

Alongside its premium offering, Bnext launched its first own product: Personal Income Tax Loans. Users can request up to €1,000 of their negative statements. This allows them to receive liquidation of their income statement in advance.

Read next: Bnext becomes first fintech in Spain to raise a $25m Series A, plans LatAm expansion

via FinTech Futures –

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