Why Madrid-based neobank Bnext is revamping its cashback programme

Founded in 2017, Spanish challenger bank Bnext has revamped its cashback programme in a big way.

From now on, the challenger bank will enable its users to buy from partner stores via the startup’s app and get money back.

With the upgrade, Bnext is doing away with long waiting list and clunky road where customers have to go back and forth between its partner site and the bank’s in order to get the money back.

Instead, Bnext account holders will be able to get money back instantaneously without the cumbersome back and forth, according to TechCrunch.

AliExperess, Booking.com, eDreams, Europacar, Nike and Just Eat are among its partners.

The news comes after the Spanish startup raised a $25m funding round in October 2019. It would use the money to expand its offering of more premium banking products.

Since then the bank has joined several other FinTech companies looking at the Latin American market by expanding into Mexico. Both Stripe and Revolut are two other examples of foreign FinTech firms going into Latin America.

It’s hardly surprising as the region presents innovative entrepreneurs with plenty of opportunities. It’s no secret that it is already the birthplace of such impressive FinTech enterprises as Nubank, the challenger bank with over 20 million users. Moreover, with Accountfy, ADDI, Belvo and a55 all raising capital over the past few weeks as well as on-demand insurance platform Trov having entered the Brazilian market with a new partnership with Seguros Sura Brazil, it seems as if this trend could continue.

These rounds comes after Latin American FinTech space has gone from strength to strength. Companies in the region has raised $5.5bn across 328 transactions since 2015, according FinTech Global’s research. More than half of the deal activity has been captured by companies in the marketplace lending, payments and WealthTech subsectors, collectively amounting to 63.1% of transactions in the region since 2015.

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