Bnext does so many things, and also banking for its customers:
In Europe, Spain is a bellwether in the fintech domain. According to several studies, the country has seen a five-fold increase in the number of fintech firms, the main contributing factor being the entrepreneurial spirit of the people in creating a digital ecosystem in the country and in helping SMEs to flourish. One unique feature of the fintechs in the country is that they do not directly compete with the financial services firms, but rather supplement and complement their activities.
In the fintech space, Spain has a unique digital bank, Bnext. Launched in 2018 in Madrid, it is in fact a financial marketplace that has 350,000 active users who do more than 100 million euro worth of transactions in a month. Using a bank account, the customers can avail the financial products and services best suited to each of their needs.
CATERING TO NEXTGEN
Bnext’s success can be attributed to its understanding of the digital transformation that was happening, especially in the banking sector, and its response to the mindset of the younger generation, which was finding traditional banking a laggard and a burden.
A customer at Bnext can do all the banking transactions using a card, which is linked to his account. He can pay for his purchases within Spain or abroad and meet all financial needs like a mortgage or availing a loan. There is an associated Bnext in-app marketplace to cater to the needs of the customers. By this, the bank gives the customers the option to choose freely and own their financial life. They thus take control of their money.
A Bnext card does not have a cost. Instead, at the time of registration and activation the bank pays 10 euro. Withdrawals are free up to 3 times a month, while it is possible to block and unblock the card simply by clicking on the Bnext app. Every time a customer makes purchases with the card, he receives points, which can be used for prizes and money. One can join Bnext in a simple manner, using a mobile app. And activating the card takes just 5 minutes.
Bnext has received authorization from Bank of Spain to operate as an Electronic Money Institution, which allows its clients to have a 100% digital value proposition.
INTO ECOMMERCE
Bnext has a partnership with mobile commerce technology company Button, which allows its customers to shop and save money with popular brands. This has paved the way for better customer engagement and offer users an incentive to check their savings on their daily spend. With Button’s technology integrated into Bnext’s app, users can access Bnext’s rewards feature to shop and save money on everyday purchases.
MASTERCARD, A PARTNER
The neobank also has a strategic collaboration with Mastercard for the development of its mobile payments business. It has access to all the high-end technology services offered by Mastercard and it is a first-tier partner for the processing of its payments and the necessary back-up for the new functionalities.
Global Fintech as a Service company Rapyd has tied up with Bnext for cash collection. Bnext customers are now able to make cash deposits to their accounts in over 30,000 locations in the country. This network will expand to interbank deposits soon using Rapyd’s global payments network. Bnext can now expand across different geographies without having to integrate complex and costly solutions.
SOLID BACKING
Bnext is co-founded by Guillermo Vicandi and Juan Antonio Rullán. It is backed by well-known investors. In 2020, it raised 11 million euro in a Series A round, adding to the 22.5 million euro it raised earlier. Its total funding is now in excess of 40 million euro. It proposes to use the funds to further its growth in Spain and expand to Latin America, especially Mexico.
INTO CRYPTO
In June 2021 Bnext has partnered with crypto firm Algorand, which is also a major shareholder in the neobank and the provider of the blockchain network that underpins the Bnext digital app. The app lets users seamlessly send, receive and request money using blockchain technology. This unique system guarantees instant, blockchain-based international bank transfers. Bnext customers also have the ability to buy and sell digital currencies.
The formal partnership has also seen the launch of the B3X Utility Token, which is hosted on the standard Ethereum Blockchain network. The maximum amount of issued tokens is capped at 3.5 billion. The purpose of the token is to help strengthen the community, offer value to all Bnext users and accelerate international expansion. Bnext hopes to use the funds to scale its operations to Latin America and globally, creating a platform that will serve as a bridge between the traditional financial system and the Decentralized Finance, or DeFI ecosystem, that Bnext is building.
