Spanish fintech startup Bnext has announced securing $25 million as part of Series A financing. DN Capital, Redalpine and Speedinvest are the investors who led the latest financing. Enern Investment, USM, and Conexo were the other backers who participated in the round along with existing partners Founders Future and Cometa.
The company was founded in 2017 by Guillermo Vicandi, Juan Antonio Rullán, the firm has more than 300,000 active users and it is processing more than 100 million euros in monthly transactions. Prior to this round, the firm had raised seed funding.
The company wants to make banking interactive through it's direct and transparent way and offering a personalized service according to individual needs. Once the user opens an account with Bnext, the firm offers a card that one can use to make transactions across the globe without any foreign transaction fee.
Guillermo Vicandi, the company CEO talking about the funding said, “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 and accelerate our growth in and out of our borders. We face a great challenge and we are very excited about it.”
The firm has obtained an E-Money license to operate in the EU. Commenting on their global expansion plans, Vicandi told Techcrunch that “As of now we'll stick to the e-money license, as our international expansion plans complicate potential pass porting of banking licenses. We will first need to understand which countries make more sense to get a banking license, and then we'll make a decision.
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