Home / Tech News / Bnext raises $25 million for its mobile banking alternative

Bnext raises $25 million for its mobile banking alternative





Bnext raises $25 million for its mobile banking alternative – TechCrunch




























Fintech startup Bnext has raised a $25 million funding round. The Spanish company is building a banking product and has managed to attract 300,000 active users.

DN Capital, Redalpine and Speedinvest are leading today’s funding round. Existing investors Founders Future and Cometa are also participating. Other investors include Enern, USM and Conexo.

When you open a Bnext account, you get a card and you can upload money to your account. 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.

“As of now we’ll stick to the e-money license, 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 license, and then we’ll make a decision,” co-founder and CEO Guillermo Vicandi told me.

You can also connect to your traditional bank accounts from the Bnext app. This way, you can manage your money from a single app.

And Bnext takes this one step further by offering financial products from third-party companies as well. It’s clear that the company wants to build a financial hub, the only finance app that you need.

You can lend money to small and medium businesses and earn interests through October, you can save money using Raisin, you can get a loan, a mortgage, an insurance product, etc. Bnext generates revenue from those partnerships.

While Bnext only operates in Spain for now, the company has managed to attract 300,000 active users. It processes €100 million in transactions every month ($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 this year.


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According to Dropbox CEO Drew Houston, 80% of the product’s users rely on it, at least partially, for work.n

It makes sense, then, that the company is refocusing to try and cement its spot in the workplace; to shed its image as “just” a file storage company (in a time when just about every big company has its own cloud storage offering) and evolve into something more immutably core to daily operations.n

Earlier this week, Dropbox announced that the “new Dropbox” would be rolling out to all users. It takes the simple, shared folders that Dropbox is known for and turns them into what the company calls “Spaces” u2014 little mini collaboration hubs for your team, complete with comment streams, AI for highlighting files you might need mid-meeting, and integrations into things like Slack, Trello and G Suite. With an overhauled interface that brings much of Dropbox’s functionality out of the OS and into its own dedicated app, it’s by far the biggest user-facing change the product has seen since launching 12 years ago.n

Shortly after the announcement, I sat down with Dropbox VP of Product Adam Nash and CTO Quentin Clark . We chatted about why the company is changing things up, why they’re building this on top of the existing Dropbox product, and the things they know they just can’t change.n

You can find these interviews below, edited for brevity and clarity.n

Greg Kumparak: Can you explain the new focus a bit?n

Adam Nash: Sure! I think you know this already, but I run products and growth, so I’m gonna have a bit of a product bias to this whole thing. But Dropbox… one of its differentiating characteristics is really that when we built this utility, this “magic folder”, it kind of went everywhere.n



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