Bnext

What Bnext does

Bnext Electronic Issuer E.D.E., S.L., operating under the Bnext brand, is a Madrid-based regulated fintech founded in 2016 that pivoted in 2026 from consumer neobanking to a B2B financial-infrastructure model. The company holds an Electronic Money Institution license from the Bank of Spain (registration #6717), which is passportable across 20 European countries and forms the core of its productized offering. Its technology platform comprises a modular API stack that enables partners to issue Mastercard-branded physical and virtual cards, open Spanish IBAN payment accounts with SEPA support, integrate Apple Pay/Google Pay/NFC contactless payments, run customizable AML/KYC workflows, manage backoffice and expense controls, and access outsourced customer support and regulator-relations services.

The company's revenue model rests on three streams: subscription and program-issuance fees from B2B clients using its infrastructure, licensing and revenue-share arrangements from white-label partners (Correos Prepago, Íkualo), and selected investment-funded DeFi development (Borderless Capital on Algorand). Distribution is exclusively B2B following the April 2026 shutdown of consumer accounts, with named enterprise and government customers including Spain's national postal service (Correos), the Ministry of Culture (Bono Cultural Joven, €400 vouchers), the Valencian Community (Bono Cesta de la Compra, €90 grocery aid), Madrid City Council (Tarjeta Familias), Cruz Roja Española, AXA, and Fundación Montemadrid. Leadership includes CEO and co-founder Guillermo Nebreda, CPO and co-founder Juan de la Mata, and a C-suite covering customer experience, product, growth, and IT. Across its operating history, Bnext reports €2 billion+ transacted, 1.5 million+ cards issued, and 99.9% historical platform uptime, supported by cumulative funding exceeding €35 million.

Name

Bnext

Legal name

Bnext Electronic Issuer E.D.E., S.L.

Website

https://bnext.es

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Bnext is a Madrid-based regulated fintech that provides B2B financial infrastructure, including card issuance, Spanish IBAN accounts, and AML/KYC compliance, to enterprises and governments under its Bank of Spain Electronic Money Institution license across 20 European countries.

Ownership category

akta.pro rank

Product category

Payment Infrastructure / Fintech-as-a-Service

NAICS

Credit Card Issuing (52221), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

BNPL Platform Infrastructure (APIs, Orchestration, Merchant Tools) (FSAKACAE)

akta.pro secondary industry

BNPL Card / Virtual Card Programs (FSAKACAC)

Keywords

• Embedded payment infrastructure
• White-label card issuing
• Electronic money institution services
• Payment API platform
• Regulated fintech-as-a-service

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. B2B Infrastructure Services: Revenue generated from providing financial infrastructure and payment services to businesses, enabling them to launch payment products under Bnext's regulated license.
2. White-label/Program Issuance: Revenue from white-label arrangements where partner brands launch financial products using Bnext's technology and regulatory status.
3. Algorand DeFi Development: Investment income from Borderless Capital supporting development of DeFi services on Algorand blockchain.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Bnext is a B2B financial infrastructure provider that licenses its Bank of Spain-regulated Electronic Money Institution platform to other businesses so they can launch branded payment products. The platform supports card issuing (physical and virtual Mastercard), Spanish IBAN account issuance with SEPA capabilities, AML/KYC compliance, mobile wallet integration (Apple Pay, Google Pay, NFC), and full backoffice tooling, accessible via APIs for embedded integration.

Product overview

Bnext operates as a B2B financial infrastructure platform that pivoted from consumer neobanking to enabling other businesses to launch payment products. The platform is built around an Electronic Money Institution license from the Bank of Spain and provides modular payment solutions including card issuing (physical and virtual Mastercard), Spanish IBAN accounts, mobile payment integrations (Apple Pay, Google Pay, NFC), AML/KYC compliance services, and white-label app development. The ecosystem includes the Rewards Program (via PayLead partnership), cryptocurrency services (via Onyze), and international transfers (via Ria). Bnext also manages government assistance programs including Bono Cultural Joven, Bono Cesta de la Compra, and various municipal aid card programs, as well as branded programs like Correos Prepago and Íkualo.

Differentiator

Problem solved

Functional benefit

Brands

• Correos Prepago: Financial solution of Correos that allows users to pay securely at any store, top up or withdraw cash at any Correos office, set up direct deposit for salary, and manage bills.

Products and services

• B2B Card Issuing Platform Modular card issuance solution (physical and virtual Mastercard) that Bnext's enterprise partners can fully integrate into their own applications via APIs, with complete flexibility and regulatory compliance under Bnext's EMI license.
• Spanish IBAN Account Issuance Account issuance with a Spanish IBAN enabling national and European SEPA transfers, direct debits, and payroll deposits, delivered with full regulatory compliance to Bnext's B2B partners.
• Bnext API Platform Secure REST API integration layer enabling partners to programmatically create accounts, generate IBANs, issue cards, and manage payments with smooth integration and no heavy technical complexity.
• Electronic Money Institution License (as a Service) Bank of Spain-authorized Electronic Money Institution license (registration number 6717) with EU passporting rights, licensed out to partners so they can offer regulated payment services across 20 European countries without obtaining their own license.
• Correos Prepago White-label prepaid Mastercard program for Correos, the Spanish postal service, enabling users to pay securely at any store, deposit or withdraw cash at any Correos office, set up direct deposit of salary, and manage bills.
• Íkualo Account and prepaid card product accessible with a Passport, NIE, or DNI, featuring a Spanish IBAN for payments at merchants, top-ups, and direct debits, issued under contract with MSL using Bnext's licensed infrastructure.
• Bono Cultural Joven Government assistance card program run by Spain's Ministry of Culture, offering €400 to 18-year-olds for cultural products and activities, with Bnext providing the regulated payment infrastructure to issue and operate the cards.
• Bono Cesta de la Compra Regional government assistance card program for the Valencian Community, providing €90 to low-income families for grocery purchases at regional establishments, operated on Bnext's regulated payment infrastructure.
• Cruz Roja Española Assistance Card Program Card-based payment product used by Cruz Roja Española to disburse financial assistance to people in vulnerable situations, covering basic needs and operated through Bnext's licensed infrastructure.
• Tarjeta Familias (Madrid City Council) Madrid City Council prepaid benefit card providing financial assistance to eligible families for food, personal care, hygiene, and transportation expenses, operated on Bnext's regulated payment infrastructure.

Quantifiable outcome

• Reduced time-to-market for payment products
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability6 records

Feature8 records

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• OurocoreStrategic or Co-development Partner · 3 April 2026Ouro partnered with Bnext as a strategic issuer for European expansion plans, supporting Bnext's growth across European markets.
• CorreosflagshipOEM/ Whitelabel/ Licensing PartnerCorreos Prepago is a white-label financial solution from Correos (Spanish postal service) enabling secure payments, cash deposits/withdrawals at post offices, direct deposit, and bill management. Issued under contract with Correos.
• ÍkualocoreOEM/ Whitelabel/ Licensing PartnerÍkualo offers account and card solutions issued under contract with MSL. Users can open accounts with Passport/NIE/DNI, receive Spanish IBAN, pay at merchants, top up accounts, and set up direct debits.
• PayLeadcoreTechnology or IntegrationPayLead powers Bnext's Rewards Program, analyzing transaction data to provide personalized cashback offers and manage reward distributions based on purchase history.
• AXAminorOEM/ Whitelabel/ Licensing PartnerInsurance partner offering financial products through Bnext's infrastructure platform.
• MSLcoreChannel Partner/ Reseller/ DistributorMSL partners with Bnext to issue the Íkualo financial product, providing international account and card services.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Solaris SE: Berlin-based Banking-as-a-Service platform with a regulated EU license offering white-label card issuing, IBAN accounts, and API-driven financial infrastructure to enterprises - directly comparable operating model to Bnext.
• Treezor: French Electronic Money Institution providing regulated payment infrastructure, card issuance, and KYC/AML APIs for B2B clients - same EMI-based white-label model Bnext now operates under in Spain.
• Swan: French regulated BaaS platform enabling companies to embed banking, card, and payment flows via API - directly comparable API-first, licensed-infrastructure model to Bnext.
• Marqeta: US-based card-issuing API platform powering modern card programs for fintechs and brands - the closest large-scale analog to Bnext's white-label card-issuance infrastructure business.
• Wallester: Estonian-headquartered white-label card-issuing and payment infrastructure provider with EU reach - directly comparable European EMI-driven issuance model.

Broad incumbents

• Stripe Issuing: Issuing capability within Stripe's global payments platform; overlaps with Bnext's card-issuing infrastructure but as part of a much broader payments, processing, and software suite.
• Adyen: Global payments platform with issuing and processing capabilities targeting large enterprises - competitive adjacent incumbent with overlapping regulated infrastructure but much broader scope.
• Qonto: European business-banking and expense-management platform offering accounts, cards, and expense controls - adjacent incumbent whose product mix overlaps with several of Bnext's modules.

Emerging players

• Pleo: Danish corporate-expense card and spend-management platform that delivers an experience similar to what Bnext powers via its expense-control modules; comparable end-customer use case though Pleo is a direct product rather than infrastructure.

Others

• Onyze: Crypto-asset infrastructure partner already integrated with Bnext for KYC/AML on its 'Cripto' feature; relevant as an adjacent enabling platform in Bnext's ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/yourbnext
• Facebookfacebook.com/yourbnext
• LinkedInlinkedin.com/company/bnext
• Instagraminstagram.com/yourbnext

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds11 records

Investors26 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bnext