Spain’s Bnext raises $25m Series A in ‘largest fintech round’

Ben Heathcote

In App Deals. October 6, 2019

Bnext, the mobile-first challenger bank, has raised a $25 million Series A investment in what is claimed to be the largest funding round in Spain’s fintech sector to date. It was led by DN Capital, Redalpine and Speedinvest, and will allow the company to strengthen its position in Spain and launch its services in Latin America.

“We are delighted to be able to work with such a select group of investors,” said co-founder and CEO Guillermo Vicandi.

“The financing obtained will allow us to consolidate our leading position in and accelerate our growth in and out of our borders. We face a great challenge and we are very excited about it.

Since its launch in early 2018, Bnext has grown its user base quickly and has now surpassed the mark of 300,000 active users, now processing more than 100 million euros in monthly transactions. The company will now launch its premium plans with even greater products, features and individual IBANs for each user.

Bnext users can connect their existing bank accounts and conveniently manage their finances flexibly and transparently anytime and anywhere. The in-app marketplace gives customers access to a variety of high-quality financial and insurance products from selected partners.

Nenad Marovac, founder and managing partner of lead investor DN Capital, added:

“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.”