Bnc10, the first local alternative to traditional banking, closed a 1 millions of euro bridge round this December. Over 50 investors participated in the financing operation. This round will allow the Barcelona Fintech to speed up the development of its app with new services and disruptive technologies that will help its clients to manage, share and invest their money.
In 2020 bnc10 is looking to carry out a Series A with international funds to grow its value proposition and speed up its international expansion.
According to a statement by Albert Llorens, bnc10’s CEO, “Nowadays, people both in Barcelona and around the world, have problems managing their money with their traditional bank free of commissions, easily and transparently. This financing round will allow us to keep our promise to offer a simple digital solution that is focused on the client’s needs.”
Since its launch at the end of September 2019, bnc10 has already surpassed the 10,000 user mark, and over €1 million has been transacted on the application. Among its users, mostly young, the majority are between 25 and 50 years old with significant interest among women. The app is also popular among travellers who benefit from instant mobile payments and no FX commissions (most banks charge a hidden commission of between 4% and 8% for these transactions).
With a team of 15, and a record time-to-market in Europe (14 months), the Fintech projects one million in revenues in 2020, and over 100,000 users.