By Aisling Finn on Wednesday 5 August 2020
Spain’s biggest ever fintech Series A just got even bigger.
Spanish challenger banking service Bnext has extended its Series A even further, topping up the €22.5m round with an additional €11m.
When the round was first announced back in October 2019, it was Spain’s biggest ever Series A fintech funding round.
The total amount of funding raised by the neobank now sits at €33m, while the total amount of capital procured is €40m.
The fresh capital was raised by existing investors DN Capital, which has invested in the likes of Raisin, Remitly and Seedcamp, Speedinvest, Founders Future, Redalpine, which has invested in fellow European challenger bank N26, Enern and Digital Horizons to name but a few.
Guillermo Vicandi, CEO and co-founder of Bnext, said: “At Bnext we have always had a clear objective: to be a banking alternative that allows our users to end the bad experiences of traditional banks.”
“Since its launch, our growth has been constant both in services and products and in users, and we are proud to have the support of the best investors to design and execute a strategy that allows us to achieve our objective.”
The original round of funding has been used to bolster its customer experience for its 400,000 users, with the additional funding being used to further cement its position in the Spanish market and target other Spanish-speaking countries.
Bnext operates in the EU as an e-money institution, much like Revolut, meaning that it can offer customers banking services such as account aggregation and the use of third-party marketplace where other banking services are offered.
The Spanish fintech has already made its first leap abroad, launching in Mexico earlier on this year, amassing 60,000 customers in the new market already.