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Main article: Finance

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Nvidia’s Q4 financials look to brighter skies with strong quarterly revenue growth

01:18 | 14 February

Major artificial intelligence and graphics chipmaker Nvidia reported its 2020Q4 financials today (the company’s fiscal quarter ends on January 26th, 2020). The company announced revenues of $3.11 billion for the quarter, a jump of 41% from the year ago quarter and a small bump from the third quarter.

Even more importantly, the company’s gross margin improved remarkably year-over-year, moving from 54.7% to 64.9%. The company reported a net income of $950 million for the quarter. After-hours traders jumped into the stock, with Yahoo Finance reporting a roughly 6.32% increase in the company’s share price immediately following the earnings.

That positive news though didn’t overcome the full-year fiscal numbers though, which painted a more complicated picture for the company. Revenue was down slightly for the 2020 fiscal year compared to 2019, and operating expenses, operating income, net income, and diluted earnings all headed the wrong way, in some cases by more than 30%.

Nvidia’s struggles in 2019 weren’t unique to the chipmaker, as last year was bruising for the chip industry overall. The industry’s total sales declined the fastest in more than a decade from a number of factors, including less demand in some parts of the market, oversupply in other parts of the market (driving down prices and thus sales revenue), as well as on-going trade tensions between the U.S., China, South Korea, and Japan.

Nvidia itself has had a huge number of ups and down in recent years. Riding the crest of the crypto wave, the company’s stock soared as crypto miners sought the company’s GPUs, which were well-positioned to handle the hashing functions at the core of many proof-of-work crypto protocols. Yet, the crypto winter crushed the stock, which saw a precipitous decline of 50% at the tail end of 2018.

The past year though has seen Nvidia turn something of a corner. It started the year with a share price of around $150, and today closed at nearly $271, a gain of more than 80%. Part of that story — as it is with the rest of the chip industry — is the sense that a whole new set of workflows (and therefore markets) are moving to silicon, including in automotive, high-performance computing (where Nvidia acquired Mellanox for $6.9 billion early last year), Internet of Things, and even in 5G.

That excitement on the big corporate side has also shown up in the venture world as well. Startups like Cerebras, Nuvia, Graphcore and more are targeting these new workflows, putting pressure on Nvidia, Intel, and other incumbents to outperform these upstarts.

 


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Financing for social impact and climate businesses gets a billion dollar boost with new KKR fund

04:29 | 13 February

KKR, the multi-billion dollar, multi-strategy investment firm, has closed on over $1.3 billion for companies focused on social and environmental challenges.

KKR Global Impact says its fund will focus on identifying and investing in companies worldwide where preformance and social impact are intrinsically aligned. Specifically, the fund will invest in companies in the lower middle market that contribute toward progress along the United Nations Sustainable Development Goals.

“The UN SDGS were developed to mobilize citizens, policymakers, technologists and investors to address global challenges. As investors, we have a significant role to play in building businesses that contribute to SDG solutions while also generating financial returns for our fund investors by doing so,” said Robert Antablin and Ken Mehlman, KKR Partners and Co-Heads of KKR Global Impact, in a statement. 

It’s a nice chunk of change that could potentially fund companies in the re-emerging climate and sustainability space, but it’s dwarfed by the $13.9 billion that KKR raised in 2017 for its Americas fund, or the $7 billion that the firm has to invest in infrastructure from its latest investment vehicle.

Mehlman’s role in promoting environmental and sustainable development stewardship belies his role as a senior administration official during George W. Bush’s tenure in the White House. He was appointed director of the Bush Administration’s Office of Political Affairs in 2000 and served in several administrative capacities both for the Republican Party within and outside of the White House.

Environmentalists have a pretty bleak assessment of the Bush years in office.

“[President Bush] has undone decades if not a century of progress on the environment,” Josh Dorner, a spokesman for the Sierra Club, one of America’s largest environmental groups, said to the Guardian about the Bush administration’s environmental record back in a 2008 interview.

“The Bush administration has introduced this pervasive rot into the federal government which has undermined the rule of law, undermined science, undermined basic competence and rendered government agencies unable to do their most basic function even if they wanted to.”

Twenty years later, Mehlman is working in the private sector on financing companies involved in mitigating and adapting  the world to the climate crisis that inactivity from the administration he helped shepherd into office has exacerbated.

Other investment areas the KKR fund will focus on include responsible waste management, using technology to enhance safety, mobility and sustainability, creating more sustainable products and services and upgrading declining industry and infrastructure.

KKR launched its global impact business two years ago and its 12 person team has invested in Barghest Building Performance, Ramky Environ Engineers, KnowBe4, Burning Glass, and the construction of a wastewater treatment plant.

In addition to the external commitments KKR received, the firm said it will invest $130 million of capital in the fund through its own balance sheet.

“We are thrilled to see our investors’ shared enthusiasm for the tremendous opportunity we see ahead for KKR Global Impact and will build on this to help set the new standard across investing, value creation and measuring success in the space,” said Alisa Amarosa Wood, KKR Partner and Head of KKR’s Private Market Products Group. 

KKR did not respond to a request for comment about Mehlman’s previous work in the Bush Administration.

 


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Coinbase launches margin trading for some users

21:00 | 12 February

Cryptocurrency exchange Coinbase is launching margin trading today. Margin trading lets you trade on leverage. But it works both ways — margin trading lets you multiply your gains and your losses.

Margin trading is going to be available on Coinbase Pro, the company’s exchange interface for educated investors. Both retail and institutional investors will be able to submit margin trading orders with up to 3x leverage. It’ll work with any pair of assets with USD as the base currency.

For now, the feature is limited to 23 U.S. states if you’re a retail investor. Institutional investors in 45 states and 9 international countries can access margin trading though.

There are many potential use cases for margin trading. For instance, you can allocate a tiny portion of your portfolio to a margin trading order in order to hedge across multiple positions. Coinbase believes it has enough liquidity to help investors set up sophisticated margin trading orders.

If you’re a retail customer living in one of the 23 states where margin trading is available, you might not be able to use it. The company wants to restrict margin trading to the most advanced traders.

Coinbase is going to track your past activity on Coinbase Pro and look at trades, balances, deposits and withdrawals. If you’re an active trader, you’ll be able to access margin trading.

Disclosure: I own small amounts of various cryptocurrencies.

 


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Ramp is a corporate card focused on helping you spend less

18:19 | 12 February

Meet Ramp, a new startup that offers corporate credit cards with 1.5% cashback on everything. The company thinks that a cashback program combined with an analysis of your payments to help you spend less is more valuable than alternative corporate card offerings

Ramp is launching publicly today and has raised $25 million in funding from Keith Rabois, Coatue, BoxGroup, Conversion Capital, Soma Capital, Backend Capital and over 50 business angels.

The startup doesn’t charge fees. All your employees can have a white Visa card for $0 per month. There are no foreign transaction fees and no interest either. The company plans on making money with interchange fees — like all card issuers, Ramp will get a very very tiny cut on all transactions.

One of the main selling points of Ramp is that it offers you control and visibility. You can set different limits for each employee, create as many cards as you want and set up spending rules. The service also helps you centralize receipts and attach them to each expense. There are some integrations with accounting software.

Like Brex, Ramp is going to work particularly well with high growth startups. When you sign up, Ramp doesn’t require personal guarantees. You also get higher spending limits than what you’d get from traditional corporate cards — Ramp says you can expect limits that are 10 to 20 times higher than typical limits.

Unlike Brex, Ramp doesn’t have a complicated point-based reward system. You’re not going to earn more points when you order a Lyft or book flights through Brex. Instead, with Ramp, you get 1.5% on all your purchases — it can be a recurring subscription, an expensive flight, a team lunch… 1.5% on everything.

Existing customers include some well-known startup names, such as Ro, Candid, Better, Eight Sleep and Truebill.

Ramp goes one step further by analyzing how you spend money. For instance, if you’re paying multiple subscriptions to the same service, Ramp is going to flag that as a duplicate subscription. If you’re spending an unusual amount of money on a specific service, Ramp will recommend a lower subscription tier.

The startup also offers free credits for dozens of third-party services, such as Amazon Web Services, Amplitude, Plaid, Datadog, DocSend, Notion, Twilio, Sendgrid, etc. Overall, it represents $175,000 in free credits.

Ramp was founded by Eric Glyman and Karim Atiyeh. The team previously founded Paribus, a startup that helps you save money on online purchases and that was acquired by CapitalOne.

It’s a solid offering overall. There are probably many startups that are looking for a simple corporate card solution with a cashback program. And the fact that Ramp wants to help you spend less shows that the startup cares more about providing a good user experience over generating quick revenue.

 


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Reset Button is approaching student debt from a new angle

18:05 | 12 February

Student loan debt in the U.S. totals $1.5 trillion, and more than 44 million Americans have outstanding student loan debt.

According to research by Jason Iuliano, Villanova law professor, a million student loan debtors have filed for bankruptcy in the past five years. However, 99.9 percent of them did not include their student loan debt in their bankruptcy filing.

This research was the seed of what would become Reset Button, a new startup founded by Iuliano and Rob Hunter looking to help student loan debtors who have gone through bankruptcy find a new way to include those debts in their filing.

The only way you can include student loan debt in a bankruptcy filing is through litigation. Those cases have been historically less likely to settle out of court than other types of civil cases.

This means that the cost of including student loan debt in bankruptcy filings is, at the very least, around $10K. Now, if there was some guarantee that you could trade hundreds of thousands of dollars of student loan debt for $10K-$15K, you’d obviously do it. But most folks who are already in the process of filing for bankruptcy don’t have a spare $10K minimum to spend on a litigator. And even if they did, there is no guarantee they’d win in court, resulting in even more debt and no relief.

This is what Reset Button is trying to change.

To be clear, Reset Button is targeted directly at folks who have already filed for bankruptcy but were told they couldn’t include their student loan debt in those filings, and so they didn’t.

Here’s how it works:

Reset Button has built a network of litigation lawyers who have experience in seeking student loan discharges. When a new user fires up Reset Button, the startup sends them through an evaluation process that collects financial information, etc. to assess whether or not one of those lawyers could litigate the discharge of that user’s student loan debt. That evaluation factors in a number of signals, including past legal cases that are comparable to the user’s situation.

That process also does a lot of the heavy lifting that makes hiring a litigator so expensive. These lawyers often have to do tons of research, tracking down statements and bills and other paperwork, before they can truly get started with the litigation.

Reset Button, as the connective tissue between debtor and lawyer, is able to automate a lot of that process for the lawyers, delivering a package of information on the case and connecting the user with the right lawyer for them.

Reset is also looking to bring the cost down for debtors. The company charges either 12 percent of the total debt discharged, or $10,000 (whichever is lowest). Reset also allows users to pay that sum over time, in $300 monthly installments. This is in stark contrast to people who hire their own lawyer, who would be responsible for the costs up front.

Reset Button is able to do this through a payment process called factoring. In short, Reset buys the receivables from the attorney’s fees, and charges the debtor with their own payment plan. Reset makes money from lawyers who pay for the lead generation, the technology services, and the marketing apparatus.

Factoring has come under fire from some who say that service providers sometimes raise prices to account for their fee, but Reset Button cofounders Rob Hunter and Iuliano say that their lawyers are actually charging less because of the workflow optimization provided by Reset Button.

The company also provides a Knowledge Base for debtors seeking financial guidance and resources, but the only revenue stream comes from the actual litigation of student loan debt in bankruptcy filings. Other services like refinancing, debt consolidation, or income-based payments are not provided by Reset Button, and the company has no official partnerships with those types of service providers.

However, Hunter said that it may be an avenue the company explores as it grows.

Perhaps most importantly, Reset Button offers a Fresh Start guarantee. In short, if the lawyer doesn’t manage to get your debt wiped, Reset will pay your legal bills.

There has been movement in the landscape of student loan discharges with bankruptcy.

Essentially, debtors must prove in court that they pass the test of “undue hardship,” which is a notably vague framework. Though there is a bit of variability among the various court circuits, the general idea is that a debtor must prove that they can’t currently pay back the loan, that there will not be a change down the line that will allow them to pay the loan in the future, and that they have made every effort to pay the loans in the past.

Historically, that’s been a difficult threshold to cross for the fraction of people who take steps to litigate their student loan debt. However, in small ways, courts seem to be opening up the interpretation of undue hardship.

“There’s a phrase that gets used in these cases that I think perpetuates this myth, and that is to call it a ‘certainty of hopelessness’,” said John Rao, attorney with the National Consumer Law Center. “And it’s almost like, as long as you’re still alive and breathing, something could improve for you. That’s just an impossible burden. It’s basically saying you could win the lottery or something. That’s just not the standard I think Congress had in mind.”

In 2015, in a case between Robert E. Murphy and the DOE/ECMC, Rao wrote to the courts arguing that they should reassess the test for undue hardship.

Rather than adopt one existing test over another, we urge this Court to provide a formulation of the undue hardship standard in simple terms, that restricts consideration of extraneous and inappropriate factors not consistent with the statutory language. A finding about whether a debtor’s hardship is likely to persist should be based on hard facts, not conjecture and unsubstantiated optimism.

More recently, a judge in the Southern District of New York ruled in favor of a debtor, wiping more than $200,000 in Kevin Rosenberg’s student debt. Of course, the lenders will be appealing the case.

However, Judge Morris, who presided over the case, wrote in her decision that “most people (bankruptcy professionals as well as lay individuals) believe it impossible to discharge student loans,” and that her “Court will not participate in perpetuating these myths.”

Reset Button has raised money from investors Craft Ventures, Slow Ventures, and Jeff Morris Jr. of Lambda School, among others. The company declined to share its total amount of investment.

“Society has been led to believe something for decades that is not true, which is probably the biggest initial challenge,” said founder and CEO Rob Hunter. “One of the unfortunate things is the reason that many consumers believe incorrect information is because a lawyer told them that. So, that is a bit of an uphill battle to swim against.”

 


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Nova Credit banks $50M to expand its service sourcing credit reports across borders

17:40 | 12 February

Around 70% of the world’s population now has some form of bank account or — thanks to mobile phones — a facility to receive and send money virtually, according to the World Bank. But when it comes to people crossing borders and setting up lives in new countries, they essentially leave behind their financial histories, starting again from scratch in their new homes. But there are signs of that starting to change. A startup called Nova Credit has built a facility to import financial histories from one country to another, and today it’s announcing a $50 million round of funding to grow that business to cover more countries.

The funding is being led by Kleiner Perkins, with a list of other big names also participating. They include Canapi Ventures, a new fund focused on fintech startups, as well as previous Index Ventures, General Catalyst and Nyca Partners. Ashton Kutcher and Guy Oseary’s fund Sound Ventures is also in this round, along with baseball legend Alex Rodriguez and U2 guitarist the Edge.

Nova is not disclosing its valuation, but according to PitchBook, in the first-close of the round it was estimated at around $295 million. CEO and co-founder Misha Esipov would only say it was “much higher” than the company’s valuation in its previous round — supported by the facts that revenues grew four-fold in 2019, and that it now covers more than 1 billion consumer credit profiles, working out to over 50% of the most popular U.S. immigrant countries of origin.

Prior to this Series B, the company had raised just under $20 million, which also included funding from Y Combinator (where it was part of a 2016 cohort).

Esipov — who has worked as a banker at Goldman Sachs and at private equity firm Apollo, and himself is a first-generation Russian immigrant moving to the US with his parents when he was three — said he and co-founders Loek Janssen and Nicky Goulimis first came up with the idea for Nova when they were still graduate students at Stanford, where they turned to their own classmates to look for gaps in the market of financial services.

“We made a discovery among the international students we surveyed, which was that many said they couldn’t get credit, cell phone plans, leases and anything else that required credit histories,” he said. “Many of them said the same thing to us: ‘I feel like a second-class citizen.’ And that was the lightbulb moment for us. We saw it was a systemic problem, and four years later I believe we’re solving a decent share of this problem.”

Nova’s solution is that it has built a digital framework that connects up an individual’s credit history information from one country, back into the country where the person is currently residing, creating a product that it refers to as a “Credit Passport”.

Nova partners with businesses that rely on this credit history in order to decide whether to do business with an individual. In cases where it comes up short in accessing an in-country history for a specific person — for example, American Express, in evaluating a person’s credit history to determine whether it should issue a card for a particular applicant — it can now use Nova to source a history from another market, using details provided by the user in question.

Nova’s business model is that it pays a fee to the credit bureau where the records are originating in order to source the data, and it then charges the business that is making the request for the data.

For now, the service is not global in a number of ways. The first is in terms of the geographies covered: Nova has so far only facilitated links between 11 countries, with the originating requests coming from the US. They include Australia, Canada, India, Kenya, Mexico and the UK. Esipov said that the starting point came from close analysis of which countries send the most people to the US.

The other is that the service is largely geared towards people who even have a credit history to speak of in their previous country. For many immigrants to the US, that is not actually the case for a number of financial, political and other reasons.

The strategy is to increasingly cover both of those basis better over time, Esipov said.

For example, while there are only 11 countries “live” at the moment, the company actually has deals with 19 countries currently, a list it hopes to grow more. The Dominican Republic and the Philippines will be the next to countries to launch. One reason for the relatively slow rollout is that this isn’t exactly a scalable problem with the same issues in each market, although it’s finally started to get some momentum.

“It’s an absolute nightmare,” Esipov said with a laugh when I asked him about the challenges of scaling the business. “Each country has its own complexities, whether it’s in terms of the partnership or technical complexity. Every market is different.” Some are surprising. He noted that France, for example, is the only G20 country without a centralised credit bureau, only a repository that logs “bad marks”, not good behaviour. “So we haven’t been able to develop a solution covering France so far.”

He notes that it’s taken Nova a few years to build these relationships. “When we were still trying to find our footing, it was difficult, but now the five biggest credit agencies in the world work with us. We have established ourselves as the solution for cross border credit reporting access.”

And on the side of making the product something that can be useful for more than just the percentage of immigrants who came from the credit using class in their previous countries — the typical type of person who might end up at Stanford business school, if you will — Nova is working on that, too.

“There are a lot of potential strategies for those countries where central credit bureaus doesn’t exist,” Esipov said. “We have to be creative in using potential data sources that we can find to say this is a new and good segment. There are alternative data sources, and we are exploring how to bring those into the US market. But, if they are not as well established, no matter how creative we are, it’s a matter of working with risk officers and trying to teach them, too.” Indeed, we are starting to see a rise of other services aiming at immigrants — for example, new bank accounts launched by Remitly last week — speaking to how multiple startups are tuning into demographics that have been traditionally overlooked, but now represent growth opportunities in what is otherwise a tight and competitive market with slowing growth.

“In a competitive financial services industry with shifting demographics, developing a strategy to attract the growing newcomer segment has become a strategic necessity for banks to defend and grow market share,” said Gene Ludwig, Managing Partner of Canapi Ventures, in a statement. “Nova Credit stands out as the only enduring solution to financial access for the millions of newcomers who come to the US each year. They’ve assembled an exceptional, mission-driven team that has what it takes to bring systemic change to life.”

It can’t come a moment too soon. Nova, citing research from Pew, notes that immigrants account for 55% of U.S. population growth, which will grow to 80% by 2050. Helping them get better integrated into the economy is a critical step for integrating into society.

“Credit is fundamental to economic success, but today’s systems and infrastructure have not kept up with an increasingly mobile world,” said Ilya Fushman, a partner at Kleiner Perkins, in a statement.“Nova Credit is democratizing access to credit globally and we’re delighted to lead the Series B.

 


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European founders look to new markets, aim for profitability

09:47 | 12 February

To get a better sense of what lies ahead for the European startup ecosystem, we spoke to several investors and entrepreneurs in the region about their impressions and lessons learned from 2019, along with their predictions for 2020.

We asked for blunt responses — and we weren’t disappointed.

These responses have been edited for clarity and length.


Kenny Ewan, founder/CEO, Wefarm (London)

I’ve often been faced with questions around how we can generate revenue in markets like Africa. There has historically been a view that you can do something good, or you can generate revenue — and companies that talk about developing markets usually get squarely lumped into the former. While mission-led companies achieving tremendous growth has been talked about for a while, 2019 has been a year I have felt conversations with investors and others really begin to shift to the reality of that and it’s thanks to more and more proof points being delivered by startups across the board.

As more and more businesses begin to realize they don’t need to wait for the internet to descend from the sky for these markets to become hubs of commerce and innovation — and see that it’s already happening — I believe 2020 will continue to witness more and more historic tech companies shifting their focus to markets like Africa and that there will be more coverage and discussion as a result.

 


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Recommendations for fintech startups navigating the procurement process

22:15 | 7 February

Marc Gilman Contributor
Marc Gilman is general counsel and VP of compliance at Theta Lake. He is also an adjunct professor at Fordham University School of Law.

The expanding scope of fintech has been well documented in these digital pages. Payments, investing, financial planning and lending often spring to mind as “classic” fintech startups, but other business models like regtech, compliance, human resources and marketing are on the ascent.

For passionate and talented founders, the tireless pursuit of building innovative technology is critical and fundamental. That said, to be successful in financial services, significant time and effort needs to be dedicated to other business fundamentals: corporate setup, privacy and security. The financial services customer base presents unique challenges for fintech startups as the regulatory and operational requirements for third-party vendor assessment and management are, in comparison to most other industries, brutal. Issues that might go overlooked during the early stages of product design and team-building could turn into obstacles during the sales process.

Understanding the dynamics of the financial services procurement process is essential if you want to negotiate it as quickly and seamlessly as possible. And before diving head-first into the development of your killer fintech app, consider the following questions:

  • Is my technical architecture secure?
  • Who is responsible for cybersecurity in the organization?

 


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Company-builder Antler passes $75M raised after investment from Schroders and Ferd

03:05 | 6 February

Antler is a ‘company builder’ which emerged a couple of years ago, running startup generator programs and investing from an early-stage, bringing together a heady mix of technologists, product builders, and operators together with its own technology stack.

Now, plenty of ‘company builders’ have come and gone. It’s a bit like Apocalypse Now: everyone goes in thinking they will come up with the major formula to spit out startups at a prodigious rate and they come out screaming “The Horror! The Horror!”

But Antler appears to have been on an interesting run. It’s so far made more than 120 investments across a wide range of companies, with several going on to raise later-stage funding from the likes of Sequoia, Golden Gate Ventures, East Ventures, Venturra Capital and the Hustle Fund.

Since its launch in Singapore two years ago, Antler now has a presence across New York, London, Singapore, Sydney, Amsterdam, Stockholm, Nairobi and Oslo.

Today, it’s announcing that it’s attracted investment from German investment management company Schroders, investment house FinTech Collective and Ferd, the vehicle used by Johan H. Andresen, the Norwegian industrialist and investor.

This latest investment takes the capital raised by Antler over the past six months to more than $75 million.

These investors join an existing group that includes Facebook co-founder Eduardo Saverin, Canica International and Credit Saison, the third-largest credit card issuer in Japan. The idea here is that these investors get exposure to early-stage companies as they are built.

As with most company builders and accelerators, Antler only takes 1-1.5% of the applicants

Its portfolio includes Sampingan, an on-demand workforce in Indonesia; Xailient, a computer vision technology; Airalo, a global e-sims marketplace and Fusedbone, which enables medical centers to produce bespoke, non-metal implants on-site.

Magnus Grimeland, Antler co-founder and CEO said: “With our support, our founders start refining their ideas and building new and innovative businesses. What is equally important is the deep relationship our founders build with their peers, our advisors and backers. Having accomplished investors like Schroders, Ferd and FinTech Collective on board means we can provide a more valuable network for our startups as they grow their businesses.”

Peter Harrison, Group CEO of Schroders, who will also be joining Antler’s advisory board, said: “We are in a period of unprecedented change. The visibility on venture capital activity and innovation that Antler provides is therefore leading-edge.”

Antler says more than 40% of its portfolio companies have a female co-founder and 78% of these have a female CEO.

 


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Mobile banking alternative Bnext expands to Mexico

17:58 | 5 February

Spanish startup Bnext is expanding beyond its home country. The company is currently rolling out its product in Mexico. 170,000 people had previously signed up to a waiting list. Bnext is going to invite those 170,000 potential users first before opening signups to everyone.

Bnext is building an alternative to traditional bank accounts. Customers can open a Bnext account in minutes using a mobile app. A few days later, users receive a payment card. You can then upload money to your Bnext account, send and spend money all around the world.

You can receive notifications for each transaction with your card, temporarily lock and unlock your card and more. In other words, Bnext does many of the things that you expect from a neobank.

Unlike many traditional retail banks, Bnext plans to attract 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 get two free withdrawals per month.

The startup has put together a local team in order to expand to Mexico. There are currently 12 employees working for Bnext in Mexico City.

But Bnext doesn’t want to stop at providing a current account with a card. In Spain, the company is building a financial hub to help you manage your money across multiple financial services. You can lend money to small and medium businesses and earn interest through October, you can save money using Raisin, you can get a loan, a mortgage, an insurance product, etc.

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

When it comes to numbers, Bnext has attracted 300,000 active users in Spain. In the last 12 months, the startup has processed €430 million across 11.6 million transactions.

 


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Noted Google maybe grooming Twitter as a partner in Social Media but with whistle blowing coming to…
Peter Short