INSUBCONTINENT EXCLUSIVE:
Spanish startup Bnext is expanding beyond its home country
The company is currently rolling out its product in Mexico, and 170,000 people signed up to a waiting list
Bnext is going to invite those 170,000 potential users first before opening signups to everyone.Bnext is building an alternative to
traditional bank accounts
Customers can open a Bnext account in minutes using a mobile app
A few days later, users receive a payment card
You can then upload money to your Bnext account, and send and spend money all around the world.You can receive notifications for each
transaction with your card, temporarily lock and unlock your card and more
In other words, Bnext does many of the things that you expect from a neobank.Unlike many traditional retail banks, Bnext plans to attract
customers with cheaper international transactions
without any foreign exchange fee
When you reach those limits, you pay 1.15% to 1.5% in foreign exchange fees
Mexican customers get two free withdrawals per month.The startup has put together a local team in order to expand to Mexico
In Spain, the company is building a financial hub to help you manage your money across multiple financial services
You can lend money to small and medium businesses and earn interest through October, you can save money using Raisin, you can get a loan, a
mortgage, an insurance product, etc.Bnext expects to launch its marketplace in Mexico at some point during the second half of 2020
The company also expects to expand to other countries in Latin America in the future.When it comes to numbers, Bnext has attracted 300,000
