Bnext raises USD 25 million for its mobile banking alternative

The Spanish company is building a banking product and has managed to attract 300,000 active users. DN Capital, Redalpine and Speedinvest are leading the funding round. Existing investors Founders Future and Cometa are also participating. Other investors include Enern, USM, and Conexo.

Bnext accounts aren’t technically bank accounts — the company has an e-money license. You can then use your card and spend money anywhere around the world without any foreign transaction fee. You can also freeze and unfreeze your card from the app. You can also connect to your traditional bank accounts from the Bnext app. This way, you can manage your money from a single app.

While Bnext only operates in Spain for now, the company has managed to attract 300,000 active users. It processes EUR 100 million in transactions every month (USD 109 million). Up next, Bnext plans to offer premium plans with more features and individual IBANs. The company also plans to expand to Latin America, starting with Mexico later in 2019.