{"id":217223,"date":"2026-04-14T16:04:22","date_gmt":"2026-04-14T16:04:22","guid":{"rendered":"https:\/\/teknomers.com\/en\/ten-years-ago-bnext-was-the-great-hope-of-fintech-now-theyve-crashed\/"},"modified":"2026-04-14T16:04:23","modified_gmt":"2026-04-14T16:04:23","slug":"ten-years-ago-bnext-was-the-great-hope-of-fintech-now-theyve-crashed","status":"publish","type":"post","link":"https:\/\/teknomers.com\/en\/ten-years-ago-bnext-was-the-great-hope-of-fintech-now-theyve-crashed\/","title":{"rendered":"Ten Years Ago, Bnext Was the Great Hope of Fintech; Now They’ve Crashed"},"content":{"rendered":"\n
\n

The Rise and Fall of Bnext: A Cautionary Tale in Fintech<\/h2>\n

Founded in 2016 by Guillermo Vicandi, Bnext emerged as a promising alternative to traditional banking systems. With an innovative approach, it aimed to disrupt the financial landscape by providing users with a one-stop app for banking services, without the bureaucratic hassles of conventional banks. Unfortunately, the rapid growth of Bnext would soon be overshadowed by its dramatic decline, culminating in its announcement to shut down operations on April 13, 2022, after the collapse of its cryptocurrency offerings.<\/p>\n

What Was Bnext?<\/h3>\n

Bnext positioned itself not as a bank but as an Electronic Money Institution (EDE), offering vital banking services such as accounts, cards, loans, insurance, currency purchases, and investment plans. The company\u2019s model was designed to streamline the user experience, acting purely as an intermediary that connected customers to a range of financial products through a single app\u2014eliminating the need for physical branches, paperwork, and lengthy queues.<\/p>\n

The Golden Age: Bnext’s Rapid Growth<\/h3>\n

By 2019, Bnext had become a prominent player in the Spanish fintech arena, boasting over 156,000 registered users and more than 100,000 active customers with Bnext VISA cards. It not only secured significant media attention but also raised an impressive \u20ac22 million in its second round of financing, marking it as the highest investment for a fintech startup in Spain that year. Partnerships with established firms like MyInvestor further solidified its reputation as an innovative financial solution.<\/p>\n

The Stumble: Challenges Ahead<\/h3>\n

However, the following year brought significant challenges. Bnext expanded its operations into Latin America, but the partnership with Cacao Paycard faced regulatory setbacks, resulting in a fine of 2.6 million Mexican pesos (approx. \u20ac150,000) for misleading information. Faced with these obstacles, Bnext had no contingency plan and was forced to shut its operations in Mexico, losing over 230,000 customers in the process.<\/p>\n

Changing Market Dynamics<\/h3>\n

As competitors like Revolut gained momentum, Bnext struggled to maintain its relevance in a crowded market. In a desperate attempt to innovate, Bnext formed an alliance with Algorand, a blockchain technology firm, introducing a new cryptocurrency token\u2014B3X. Unfortunately, this endeavor also failed, with the token’s value plummeting following its release in March 2022.<\/p>\n

The Fallout for Users<\/h3>\n

As of April 2022, Bnext accounts and cards were canceled, leaving customers in a state of uncertainty. The implications for users included:<\/p>\n