NeoBank Bnext Expanding to Mexico

Spanish startup NeoBank Bnext is expanding. The company is currently rolling out its product in Mexico, and 170,000 people have already signed up to a waiting list. Bnext is going to invite those 170,000 potential users first before opening signups to everyone.

Bnext is offering an alternative to traditional high street bank accounts. Customers can open their Bnext account in minutes using a mobile app. A few days later, users receive a payment card. They can then upload money to their Bnext account, and start sending and spending money all around the world.

Customers can receive notifications for each transaction with their card, they can temporarily lock and unlock card and many more.

Unlike traditional banks, Bnext plans to attract its 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 can get two free withdrawals per month.

They have put together a local team in order to expand to Mexico. Currently 12 employees are working in Mexico City.

But Bnext just does not want to offer a current account with a card. In Spain, the company is building a financial hub to help their customers manage money across multiple financial services.

They can lend money to small and medium businesses and earn interest through October, can save money, can get a loan, a mortgage, an insurance product, etc.

Bnext expects to launch its product and services in Mexico at some point during the second half of 2020. The company plans to expand to other countries in Latin America in the future.

Bnext has attracted more than 300,000 active users in Spain. In the last 12 months, the startup has processed more than €430 million across 11.6 million transactions.