Spain-based financial services platform Bnext has received $25m in series A funding from investors including diversified holding company USM.
Venture capital firms DN Capital and Speedinvest co-led the round with venture studio Founders Future and the Mexico-based Cometa, investing together with Enern and Conexo Ventures. The startup claims it is the largest ever series A round for a Spain-based financial technology company.
Bnext runs an online financial services platform that allows users to upload money they can spend with a card provided by the company, while accessing financial services and insurance products through its marketplace.
The company has roughly 300,000 users, and the series A cash will consolidate its position in Spain while funding an entry into Latin America slated to begin with a launch in Mexico by the end of 2019.
Guillermo Vicandi, Bnext’s CEO, said: “We are delighted to be able to work with such a select group of investors. The financing obtained will allow us to consolidate our leading position in and accelerate our growth in and out of our borders.”
The series A round came after approximately $370,000 in a March 2018 crowdfunding campaign and $1.8m from Founders Future, Pipeline Capital Partners and angel investor Andreas Mihalovits four months later. Cometa was also named as an existing backer.
