By John Reynolds on Wednesday 2 October 2019
Madrid-based Bnext is looking to grow its 300,000 customer base.
Spanish fintech startup Bnext has raised a $25m (£20m) funding round, the biggest ever Series A funding round in the country.
The move comes as the mobile banking app looks to expand its portfolio and grow its 300,000 customer base.
Madrid-based Bnext was launched in 2018 and now says it processes in excess of 100m Euros in monthly transactions.
The funding round was led by investment vehicles DN Capital, Redalpine and Speedinvest.
Nenad Marovca, founder and Managing Partner, 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."
When customers open a Bnext account, they get a card and can upload money to their account.
Bnext account holders can use their card and spend money in different countries without any foreign transaction fees.
Bnext operates in the EU under an e-money licence.
Bnext CEO Guillermo Vicandi told TechCrunch: "As of now we'll stick to the e-money licence, as our international expansion plans complicate potential passporting of banking licenses. We will first need to understand in which countries makes more sense to get a banking licence, then we'll make a decision."
Bnext is planning expansion into Latin America along with launching new products.