Spanish neobank Bnext selects Rapyd for Latin America expansion

By Pavithra R

Global FinTech as a Service company Rapyd has announced a deal with Bnext, Spain’s mobile neo-bank for cash collection with plans to expand services across LATAM. 

The collaboration will enable Bnext customers to make cash deposits to their accounts in over 30,000 locations in the country and will expand to interbank deposits later via Rapyd’s global payments network. Rapyd’s platform will allow cash collection using their payments infrastructure, where it maintains complete transparency of where the money came from. The cash deposits can be easily made at all Rapyd Point of Sale (POS) systems throughout Mexico.

“Rapyd is well-suited to support Bnext as they continue to expand their operations and active users in Mexico and Latin America given the multi-country reach of our network. One differentiator of our partnership program is speed to market, we’re proud that our first service option with Bnext was deployed in less than a month. This is a powerful partnership in one of the most promising markets for banking services in Latin America, and we are thrilled with the opportunity to improve payment experiences for Bnext’s customers in Mexico,” said Sarel Tal, VP EMEA for Rapyd.

Rapyd’s global payment network gives cross-border businesses the ability to offer unique local payment methods that consumers transact with every day. Bnext by leveraging the Rapyd platform is expected to rapidly expand across different geographies without having to integrate complex solutions, which otherwise would have been a costly & resource-intensive effort that typically requires the integration of several different vendor technologies and payment systems.

“Mexico is the first country in our international expansion strategy, and we needed to partner with a company that offered the payment service locally and had a global presence and support for expansion to additional countries. Thanks to our partnership with Rapyd, Bnext will be able to offer our customers a better and more reliable experience through a single API, a single contract, and a single reconciliation,” said Cristian Huertas, Country Manager Mexico for Bnext. 

Founded in 2016, Rapyd is a trading name of CashDash UK Limited. The company offers FinTech-as-a-Service platform with various local payment methods and services. Its solution portfolio includes collect, disburse, wallet and issuing. It recently, the company waived off FX & Processing fees to help consumers receive payments in the USA, Brazil and Mexico.