Neobank Bnext chooses Mastercard as its strategic partner for its payments business

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Mastercard and Bnext, the leading neobank in the Spanish market, has signed a strategic alliance for the future evolution and development of Bnext’s payments business. This agreement will allow Bnext to have available all cutting-edge technology services developed by Mastercard and to have a first-tier partner for the processing of its payments and the necessary back-up for the new functionalities that the Spanish neobank will launch in the forthcoming months.

The attractiveness of fintechs keeps growing and agreements between large institutions and technology companies continue to be signed in the race to develop increasingly innovative means of payment. Companies like Mastercard have become vital allies for fintechs, boosting the international presence of startups.

According to Paloma Real, CEO of Mastercard España, “this agreement consolidates our status as fintechs’ preferred partner in Spain, as has already happened globally. We are delighted to provide support to Bnext in this new phase of business growth, after obtaining the authorisation to operate as an Electronic Money Institution. This will allow its clients to have a 100% digital value proposition and added value, as well as consolidating its position as the leading player in the market. As a result, we are also able to tap Bnext’s full potential.”

Bnext has recently announced that it has obtained the Bank of Spain’s authorisation to operate as an Electronic Money Institution. This authorisation, which allows Bnext to issue electronic money and provide payment services in the form of electronic money, will result in the neobank having more control and decision-making capacity as regards the services and functionalities that it can offer its clients so that it can continue being the alternative to traditional banks.

As Guillermo Vicandi, CEO and co-founder of Bnext put it: " We were looking to join forces with a partner which we could trust sufficiently to accompany us on our journey of continuous growth, and Mastercard fitted the bill. It is a global leader with immense technological capacity, which is why we believe it to be the perfect partner to develop the functionalities and services that we want to continue offering our clients.”

At present, Bnext has started to offer its services in Mexico as part of its growth strategy after its success in Spain. This is the neobank’s first venture outside of Spanish borders and is a huge step towards consolidating its presence in Latin America.

What is Bnext? 

Bnext is the Spain's first mobile-first neo-bank. Co-founded by Guillermo Vicandi and Juan Antonio Rullán, Bnext sets new standards in banking by interacting with its customers in a direct and transparent way and offering a personalized service according to individual needs. The in-app marketplace gives customers access to a variety of high-quality financial and insurance products from selected partners.

Since its launch in 2017, Bnext has grown its userbase quickly, becoming the leading neo-bank in Spain by surpassing the mark of 300,000 active users in 18 months. Similarly, in the last 12 months, Bnext has processed more than 430 million euros in 11.6 million transactions.

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