Spain-based Bnext, a mobile-first neo bank, has secured $25 million in Series A funding. DN Capital and Speedinvest led the round.
Madrid, 1 October 2019. Bnext, Spain’s first mobile-first neo-bank, has just announced the closing of a 25 million dollar Series A financing round, the largest in the fintech sector in Spain to date.
The financing round was led by new investors DN Capital – Shazam, Auto1, Remitly –, Redalpine – Taxfix, Teads – and Speedinvest – Curve, Billie – together with existing investors such as Paris-based Founders Future – Teads, Yuka – and Mexico-based Cometa – Cabify, Wallapop –. Other investors include Enern, USM and Conexo.
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”.
Co-founded by Guillermo Vicandi and Juan Antonio Rullán, Bnext sets new standards in banking by interacting with its customers in a direct and transparent way and offering a personalized service according to individual needs.
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.
Since its launch in early 2018, Bnext has grown its userbase quicker than anyone else, becoming the leading neo-bank in Spain by surpassing the mark of 300,000 active users, now processing more than 100 million euros in monthly transactions.
Soon Bnext will launch its premium plans with even greater products, features and individual IBANs for each user.
Leadership in Spain and international expansion
With the funds raised, Bnext will further strengthen its leadership position in Spain and expand to Latin America, launching its services in Mexico later this year.
Guillermo Vicandi, CEO of Bnext, states: “We are delighted to be able to work with such a select group of investors. 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.”
BNEXT is Spain’s first marketplace for financial and insurance products. The startup enables its more than 300,000 users, using a bank account, to contract the financial products and services best suited to each of their needs.
Founded by Guillermo Vicandi and Juan Antonio Rullán in 2017, BNEXT works with an Electronic Money Issuer regulated by the Bank of Spain, thus making it the first fintech to offer a card and an account not linked to a bank.
About DN Capital:
DN Capital is a leading early stage venture capital firm which focuses on Seed, Series A and select series B investments in marketplaces, software, fintech, consumer internet and digital health companies. The firm was founded in 2000 and has operations in London, Berlin and Silicon Valley. DN Capital’s previous funds are top performers and the firm is one of the lead investors in companies such as Endeca (sold to Oracle), Shazam (one of the world’s leading mobile app, sold to Apple), Auto1 (Europe’s largest used-car marketplace), Purplebricks (IPO London), OLX (sold to Naspers), Remitly (North America’s largest independent digital remittance platform) and Quandoo (sold to Recruit).
The professionals at DN Capital bring over 75 years of private equity experience to their investments, and actively work with portfolio companies to steward their growth through the various stages of development. Additional information about the firm and its portfolio companies can be found at http://www.dncapital.com.