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  • Innovation
  • FinTech
  • Spain

Series A Funding for the Spanish FinTech Bnext

FACTS

  • The Spanish FinTech Bnext, behind a set of PFM and financial services, announces a funding Series highlighting the interest paid in their alternative solution.
  • With this $25 million (€22 million) Series A, Bnext managed the largest funding round ever closed by a FinTech in Spain.
  • The international venture capital firm DN Capital led this Series A. Other investors include Redalpine, Speedinvest and Enern.
  • Bnext enjoys an e-money licence. Their customers may connect their bank accounts to an app for managing their personal finances in a more flexible manner.
  • They can also rely on a payment account and companion card, and use it anywhere in the world for free.
  • This start-up also promotes a transparent, customisable and direct approach appealing to potential customers.
  • Bnext features a marketplace with financial and insurance services from different partners.

KEY FIGURES

  • 2017: Bnext was founded
  • 300,000 active users
  • €100M processed in monthly transactions

CHALLENGES

  • Scaling up through premium offers. This funding round will help them meet their ambitions and roll out premium plans, new features and individual IBANs.
  • Reaching out for international markets. Aiming beyond their home market (Spain) Bnext will be reaching out for Latin American countries, starting with Mexico.

MARKET PERSPECTIVE

  • Their model matches the development of Open Banking-entailed opportunities and emergence of marketplaces for financial services.
  • Other dedicated marketplaces entered this industry (Raisin, for instance). Competition isn’t yet fierce, however, since Raisin mostly focuses on savings-related services while Bnext pays more attention to the insurance sector.