Spanish Neobank Bnext Raises Additional €11 Million Through Extended Series A Funding Round

Bnext, a Spain-based mobile-first neobank, has reportedly raised an additional €11 million through its extended Series A funding round, which raised €22 million ($25 million) last Fall. 

As previously reported, Bnext offers customized services tailored to individual needs. The mobile banking platform allows its customers to connect their existing bank accounts and aims to facilitate transparent and flexible financial management along with financial and insurance products from partners. 

“Bnext allows you to open an account in less than 3 minutes and receive a debit card in less than 48 hours. With this card, you are able to withdraw money for free anywhere in the world, spend in other currencies without fees (fair use limits apply), and earn points that you can cash out in services like Netflix, Spotify, Cabify or Uber Eats, among others.”

Since its launch in 2018, Bnext has attracted more than 300,000 customers, who have reportedly spent over €60 million with their Bnext card every month and have sold 12,000 financial products in the last six months. Bnext claimed that this kind of record makes it the eighth most used finance app in Spain. The company recently raised more than £2.6 million through its equity crowdfunding campaign on Crowdcube.

Bnext revealed last Fall that it is planning to use the Series A funds to continue the development of its products, as well as expand to its services to Latin America, especially Mexico.

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