Spain-based neobank Bnext has closed its Series A funding round, worth $25m.
The round for the mobile start-up was led by new investors DN Capital, Redalpine, and Speedinvest. In addition, existing investors Founders Future and Cometa raised funds. Other investors included Enern, USM, and Conexo.
Bnext will use the funds to strengthen in Spain and also launch its services in Latin America.
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 realise its ambitions.”
Guillermo Vicandi, CEO of Bnext, added: “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.”
Bnext: Spain’s largest neobank?
Launched in 2018, Bnext aims to set new standards in banking by interacting with customers in a direct and transparent way. In addition, it offers personalised services according to individual needs.
Bnext customers can connect their existing bank accounts and manage finances anywhere and anytime. Also, the in-app marketplace gives customers access to financial and insurance products from various partners.
The Spanish neobank already has 300,000 active users and processes more than €100m ($109m) in monthly transactions. It has plans to launch its services in Mexico later this year. In addition, it wants to launch its premium plans with more products, features, and individuals IBANs for each user.
Spain is ahub for investment at the moment. Spanish business management consultancy Minsait has bought the entire stake of local fintech firm Afterbanks.
Financials and other details of the deal are not public.
Founded in 2012 by David Lozano, Afterbanks offers a bank aggregation system specifically designed for the Spanish, Portuguese, Italian, and Mexican financial services industry.
Its technology recovers and consolidates data from various banking institutions and quickly initiate payments.