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August 5 2020

Spanish challenger Bnext extends Series A funding round by €11 million

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Spain’s digital banking app Bnext has raised €11 million as an extension to a €22 million Series A financing round they managed to secure last October.

The amount of €33m is the total sum the fintech has raised so far, while the total amount of capital procured is €40m. Bnext’s current investors who have all contributed to the funding round are DN Capital, Redalpine, Speedinvest, Founders Future, Enern, Digital Horizons, Kreos Capital, and Cometa.

Read also: Revolut launches Open Banking in Italy in partnership with TrueLayer

The company has launched in 2018, Bnext now has about 400.000 active users and is processing more than 100 million euros in monthly transactions.

Bnext has also begun to operate 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.

Guillermo Vicandi, CEO and co-founder of Bnext, said: “At Bnext we have always had a clear objective: to be a banking alternative that allows our users to end the bad experiences of traditional banks.” 

“Since its launch, our growth has been constant both in services and products and in users, and we are proud to have the support of the best investors to design and execute a strategy that allows us to achieve our objective.” 

Bnext is operating in the EU under an E-Money license. In July, Bnext launched its premium accounts and this subscription model includes assistance services that help with personal income tax declaration.

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