Spanish Bnext has just completed a $25m funding round to expand its offering to offer more premium banking products.
Bnext has an e-money licence that enables it to provide accounts, which are technically not bank accounts, as well as issuing cards that enable users to spend their money anywhere in the world.
While the founders are considering getting a banking licence, it is not on the their immediate horizon as the startup’s international expansion plans make passporting tricky, according to TechCrunch.
The company is looking into expanding into Latin America, starting with Mexico. It is not the only financial services company to have spotted the opportunities presented by the continent’s huge underserved population. For instance, challenger bank Revolut and investment bank Goldman Sachs have both recently take steps to expand their influence across Latin America.
Venture capital firms DN Capital, Redalpine and Speedinvest led Bnext’s round. It was also supported by FinTech investor Enern, USM and Conexo.
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