Place another notch in the belt of the challenger banking crowd. This week banking alternative Bnext extended its Series A round by $13.08 million (€11 million), adding to the $26.7 million (€22.5 million) the bank brought in last October.
Bnext’s Series A round now stands at $39.2 million (€33 million) and its total funding is now in excess of $47 million (€40 million). Existing investors DN Capital, Redalpine, Speedinvest, Founders Future, Enern, Digital Horizons, Kreos Capital, and Cometa contributed to this week’s follow-on round.
Bnext will use the funds to further its growth in its home territory of Spain, as well as build its presence in Latin America by focusing on its expansion into Mexico. The bank initially launched in Mexico at the beginning of this year and now has 60,000 users in the region.
“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,” said Bnext CEO Guillermo Vicandi. “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. Our position to change the banking sector in the Spanish-speaking world is unbeatable and we have a duty to take advantage of it.”
The challenger bank has amassed 400,000 clients since it launched in 2018 and currently processes $119 million (€100 million) per month in transactions. Last month Bnext launched its Premium account and added to its Rewards program.