Spain's first alternative banking app Bnext has scooped the largest Series A financing round in the Spanish fintech sector to date, banking $25 million as part of a strategy to launch its services in Latin America.
The financing round was led by new investors DN Capital, Redalpine and Speedinvest, together with existing investors such as Paris-based Founders Future and Mexico-based Cometa. Other investors include Enern, USM and Conexo.
Launched in 2018, Bnext now counts more than 300,000 active users, processing more than 100 million euros in monthly transactions.
Bnext operates in the EU under an E-Money licence, offering users a card and a linked mobile marketplace offering banking products from select partners. The company also provides an account aggregation feature to manage traditional bank accounts from within the app.
The Latin American launch will commence in Mexico followed by a progressive roll out across the region.