Spanish fintech startup Bnext receives USD13m in extension round

Plaza Major, Madrid

Madrid-based Bnext, a provider of alternative banking services, has secured USD13 million (EUR11million) in another capital investment round by its existing investors.

The startup's total investments received to date are slightly above GBP43 million. In October 2019 DN Capital led its first investment round into the company, together with Redalpine and Speedinvest, closing a USD25 million Series A financing round - the largest in the fintech sector in Spain to date.

Commenting on that investment, Nenad Marovac, founder and managing partner of DN Capital said: “Bnext is the market leading digital bank in Spain and soon to be in Latin America.

"We are very impressed with the company’s growth to date and the ambitions of the management team. Together with our partners Speedinvest and Red Alpine we look forward to helping Bnext realize its ambitions,” he added.

With the fresh capital, Bnext said it planned to strengthen its position in Spain and expand to Latin America, launching its services in Mexico in late 2019.

This funding round included Bnext’s current investors; DN Capital, Redalpine, Speedinvest, Founders Future, Enern, Digital Horizons, Kreos Capital and Cometa -formerly Variv- as a follow up to the EUR 22 million raised at the end of last year.  

The startup has over 300,000 users. It was founded by Bnext CEO Guillermo Vicandi and Juan Antonio Rullán in 2017 and launched in early 2018.

Bnext works with an Electronic Money Issuer regulated by the Bank of Spain, thus making it the first fintech company to offer a card and an account not linked to a bank.

Bnext intends to become an alternative to the traditional banking model that allows its users to open an account and a card with which to do their day-to-day operations, control their financial position without the need to go to a bank and choose financial products.