Bnext, Spain’s leading mobile-first neo-bank, closed a $25 million funding round, the largest Series A awarded to a Spanish fintech company thus far. The round was led by DN Capital, Redalpine, and Speedinvest, with support from existing investors Founders Future and Mexico-based Cometa.
Since its launch in early 2018, Bnext has become the leading neo-bank in Spain, with 300,000 active users and more than €100 million in monthly transactions. Users can connect their existing bank accounts to the platform and manage their finances in one place, at any time. Users also have access to select financial and insurance products through an in-app marketplace.
On the horizon are Bnext’s premium plans, which will offer more products, features, and individual IBANs for each user. The company will also launch in Mexico later this year. The landmark Series A funding will enable the company to expand further into Latin America.
Commenting on the round, Guillermo Vicandi, CEO of Bnext said, “We are delighted to be able to work with such a select group of investors. The financing obtained will allow us to consolidate our leading position in and accelerate our growth in and out of our borders. We face a great challenge and we are very excited about it."
Nenad Marovac, founder and managing partner of DN Capital said, “Bnext is the market leading digital bank in Spain and soon to be in Latin America. We are very impressed with the company’s growth to date and the ambitions of the management team. Together with our partners Speedinvest and Red Alpine we look forward to helping Bnext realize its ambitions.”