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Spanish Neobank Bnext

“Can a licensed Spanish EMI neobank convert its regulated infrastructure and card-issuing expertise into a scalable B2B payments-as-a-service business for European and LatAm enterprises?”

Founded2016
HQMadrid, Spain
FoundersGuillermo Vicandi, Juan Antonio Rullán
Total raised$56.2M
Latest roundSeries A (undisclosed date)
IndustryFintech / Neobank
The story

Founded in 2016 as Spain's first mobile neobank, Bnext operated initially as a fintech marketplace — offering users a Mastercard account and access to third-party credit, insurance, and investment products without a banking license. After securing an Electronic Money Institution licence from Banco de España in 2020 and briefly expanding into Mexico via Rapyd, the company shifted strategy, winning B2B mandates such as Ouro's European card issuing. In February 2026, Bnext formally closed its consumer (B2C) business effective April 2026 to focus exclusively on providing regulated payment infrastructure and card-issuing services to other companies and institutions.

Last 12 months
2024-04
2026-02
2026-02
Product timeline
2017
Founded as Spain's first mobile neobank offering a card and account not linked to a traditional bank, initially operating under a partnership with Pecunia Cards.· banking
2018
Achieved 65,000+ card activations within first year, positioning as Spain's leading digital financial marketplace.· banking
2019
Received investment from DN Capital; expanded marketplace to offer third-party credit, insurance, and investment products in-app.· lending
2020
Obtained Electronic Money Institution (EDE) authorization from Banco de España, becoming the first Spanish neobank to operate independently without relying on a bank partner.· banking
2020
Partnered with Rapyd to expand into Mexico and Latin America, enabling cash deposits at 30,000 locations.· pivot
2024
Named as Ouro's strategic issuer in Europe to power the Netspend and X World Wallet brands for European prepaid programs, including Correos Prepaid Mastercard.· card
2026
Announced closure of B2C neobank operations effective 13 April 2026 and full pivot to B2B financial infrastructure provider (card issuing, payment solutions for businesses).· pivot
Regulated entities
Electronic Money Institution (EDE)
Spain (Banco de España) · 2020
BNEXT ELECTRONIC ISSUER E.D.E., S.L.
The stack
Banking / BaaS
BNEXT ELECTRONIC ISSUER E.D.E., S.L. (in-house)
Card issuing
BNEXT ELECTRONIC ISSUER E.D.E., S.L. (in-house)
Lending
Third-party credit products (marketplace model, historical B2C)
FX & payouts
Rapyd
Accounting gap: none