Bnext operates a wallet app built on the Algorand blockchain and issues the B3X utility token that underpins its ecosystem. The company is developing additional DeFi use cases and wallet features while working to drive global adoption of Algorand-based financial products. Bnext partially closed a public token sale on March 31, 2022, raising over €5 million in two seven-day phases and reporting €11 million in token-sale proceeds to date. Borderless Capital has increased its investment in Bnext with a new $4.5 million injection, bringing Borderless's total backing to $10 million and providing Algorand ecosystem expertise. Bnext is reallocating 350 million B3X tokens for a private IDO on a leading Algorand DEX, and remaining phase-two tokens are slated to be burned after the IDO to increase liquidity. Forthcoming roadmap items include a rewards system, a diversified marketplace, enhanced crypto wallet buy/sell conditions, international money transfers, and user discounts. Bnext is a neobank that operates a digital marketplace of financial products, launched officially in early 2017 by Guillermo Vicandi and Juan Antonio Rullán. The company offers accounts, a prepaid card and marketplace products including a Premium account and a Préstamos IRPF product that advances tax refunds up to €1,000. Bnext has begun operating as an electronic money institution in Spain and is migrating its card operations to MasterCard. It has also expanded into Mexico, where it reports more than 60,000 users and month-on-month user growth above 35%. Bnext serves over 400,000 customers overall and has seen card online purchases rise from 20% in January to more than 40% in June. The company plans to use recent funding to accelerate growth in Spain and consolidate expansion across Mexico and Latin America. Bnext is a Spanish mobile-first neo-bank that lets users connect their existing bank accounts, manage their finances in one place, and access select financial and insurance products through an in-app marketplace. Since launching in early 2018, it has become the leading neo-bank in Spain with 300,000 active users and more than €100 million in monthly transactions. The core product centers on account aggregation and a marketplace of third-party financial offerings. On the product roadmap are premium plans that will provide more products, features, and individual IBANs for each user. The company plans to launch in Mexico later this year and to use its new funding to expand further into Latin America. The recent financing is intended to consolidate Bnext's position in Spain and accelerate its regional growth. Bnext operates as a digital supermarket of financial products created in Spain, offering customers a marketplace alternative to traditional banking. The company partners with financial institution Pecunia Cards to provide backend support. As of June it reported 20,000 active customers, with 6,000 weekly users who transact on average eight times and move €1.5 million weekly. Bnext reported revenue of €100,000 and stated an ambition to reach a hundred thousand+ customers by year-end. The company is based in Madrid and listed 14,000 employees in the report. It intends to use newly raised funds to continue growing and to carve out a position against traditional banks. BNEXT is a marketplace bank launched in Madrid in late 2016 that aggregates financial products from fintechs and traditional institutions into a single app. The platform allows users to open a current account and card, aggregate accounts and cards from multiple providers, and contract a range of financing, investment and savings products from partner firms. The company was selected for the Plug and Play accelerator and planned an iOS app launch on March 30. BNEXT intends to use raised capital to develop its technology, expand its team and boost marketing. The article does not report revenue or user metrics.

Total raised

$45M

Funding rounds

5

Latest round

Equity

Latest activity

May 2022