The Spanish neobank Bnext has successfully extended its Series A financing round, adding €11 million to the €22.5 million it has already raised last October, bringing total funding to over €40 million.
Bnext’s existing investors, including Speedinvest, Redalpine, DN Capital, Founders Future, Enern, S7V, Digital Horizon, Kreos Capital and Cometa (formerly Variv), have participated in the round to show their continued support of Bnext’s vision of becoming the leading provider of banking services in the Spanish-speaking world.
CONTINUED GROWTH IN SPAIN AND LATIN AMERICA
The additional funds will be used to boost Bnext’s continued upward growth trend in Spain and Mexico, where close to 500,000 customers are using Bnext’s banking products.
“Bnext always had a clear goal: being the leading alternative to traditional banks, allowing our users to leave poor baking experiences behind and get the experience they actually deserve. Since our launch, we have experienced a steady growth curve, both in terms of products and users, and we are proud to be backed by the best investors that enable us to reach our ambitious goals. We are still at the beginning of our global journey, but our position to revamp the banking landscape in the Spanish-speaking world is unique and it is our duty to seize the opportunity.”, said Guillermo Vicandi, Bnext CEO.
PRODUCTS AND SERVICES ADAPTED TO THE “NEW NORMAL”
With the COVID19 crisis impacting user behavior all over the world, Bnext is well positioned to serve customers requiring a much more digital and frictionless experience as well as full financial safety.
Since the Series A last October, Bnext has invested heavily in further improving its unique banking experience for its more than 500,000 active users. Throughout this year, the neobank has launched multiple services to improve the financial wellbeing of its customers.
As Bnext has obtained an Electronic Money License, each Bnext user gets an individual IBAN, allowing salaries to be paid directly in a Bnext account. New products and features, such as loans, piggy banks and contactless payments have been added to the Bnext Marketplace, where users can also apply for insurance, savings and investment services.
Firstly, Bnext has launched its Premium account, offering an array of additional products and services for its most loyal customers, including, for instance, a vastly streamlined Income Tax Return filing service or an online medical chat.
Secondly, the neobank has significantly developed its loyalty program, Recompensas, partnering with an array of top brands such as AliExpress, Nike or Groupon to delivery highly valuable cashbacks. Moreover, more loyal and Premium users receive incrementally higher cashbacks as merchants increasingly look to attract the valuable Bnext customer base.
Finally, the neobank has launched its first financial credit product, Préstamos IRPF, through which users may receive an advance on their Income Tax Return of up to €1,000 at highly competitive interest rates. This resolved a significant cash flow pain point for Spanish citizens who file tax returns of having to wait on average 3-6 months to receive their income tax refund post-filing. Bnext is now looking to expand its credit offering into overdrafts and consumer loans.