Series A Funding for the Spanish FinTech Bnext

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

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.

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.

Category : Alertes quotidiennes