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. For instance, Spanish customers traveling abroad can withdraw money up to three times per month and spend as much as €2,000 per month 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. There are currently 12 employees working for Bnext in Mexico City.
But Bnext doesn’t want to stop at providing a current account with a card. 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 active users in Spain. In the last 12 months, the startup has processed €430 million across 11.6 million transactions.
Bnext is a fintech platform headquartered in Madrid, Spain. Bnext is the first supermarket for financial products, it reflects a new way of banking that challenges traditional banking from its foundations. With Bnext users can do almost everything they do with a bank, without having to use a bank.The Yucatan Times
more recommended stories
Tropical Storm Cristobal Could Impact Louisiana and part of Texas.
Tropical Storm Cristobal Could Impact Louisiana.
The Mexican peso reaches a maximum of 21.8 units against the US dollar
The Mexican peso also appreciated momentarily..
George Floyd tested positive for COVID-19, autopsy shows
MINNEAPOLIS Minnesota (Agencies) —George Floyd, the.
Mexico freezes thousands of bank accounts linked to powerful cartel Jalisco New Generation.
The operation was conducted in conjunction.
Among contradictions Mexico reaches 1000 dead in 24 hours.
MEXICO CITY (Times Media Mexico). –.
The oldest and largest Mayan monumental structure known to date discovered.
Researchers relate the construction to the.
Mexican IRS goes for $25 billion in taxes from 9 consortiums.
They anticipated that the organization has.
Charlie Hebdo puts Trump under the cop’s knee.
On the cover of the French.
33.1 million jobs needed in Mexico – INEGI
Once the health emergency is over,.
Yucatan Governor asks AMLO to review electricity rates.
Governor Mauricio Vila thanked the federal.