Madrid-based fintech startup BNext raises €21 million Series A round in Spain led by DN Capital

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Madrid-based Bnext, Spain’s first mobile-first neo-bank has just announced the closing of a €21 million Series A financing round. The financing round was led by new investors DN Capital, together with existing investors including Paris-based Founders Future.

“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,” said Nenad Marovac, founder and managing partner of DN Capital. “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 personalised 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 in monthly transactions.

Soon Bnext will launch premium plans with more products, features and individual IBANs for each user.

“We are delighted to be able to work with such a select group of investors,” said Guillermo Vicandi, CEO of Bnext. “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 300k 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.