Fintech platform will expand payment options across Latin America with cash collection to be rolled out as first service
LONDON and MEXICO CITY, Sept. 30, 2020 /PRNewswire/ -- Rapyd, a global Fintech as a Service company, today announced a deal with Bnext, Spain's first mobile neo-bank for cash collection with plans to expand services across Latin America. The partnership will allow Bnext customers to make cash deposits to their accounts in 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 full visibility of where the money came from. The cash deposits can be easily made at all Rapyd Point of Sale 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," said Sarel Tal, VP EMEA for Rapyd. "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."
Rapyd's global payment network gives growing cross-border businesses that need to deploy a variety of payment methods the ability to quickly and easily offer unique local payment methods that consumers transact with every day. Leveraging the Rapyd platform allows Bnext to rapidly expand across different geographies without having to integrate complex solutions, a costly and resource-intensive effort that typically requires the integration of several different payment systems and vendor technologies as they continue their expansion across multiple countries.
"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," said Cristian Huertas, Country Manager Mexico for Bnext. "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."
Founded by Guillermo Vicandi and Juan Antonio Rullán in 2017. Bnext is the first mobile neobank in Spain, where, with a single account, you can contract the financial and insurance products that best suit the needs of each person. Currently, it has more than 350,000 active users in Spain. It has recently closed the largest round of series A financing in Spain in the Fintech sector, exceeding 22 million euros.
Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd's unparalleled payments network and fintech as a service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd's investors include Stripe, General Catalyst, Oak FT, Tiger Global, Durable Capital, Target Global, and TaL Capital. To learn more about the company that is accelerating the fintech as a service revolution, visit www.rapyd.net, read our blog, or follow us on LinkedIn and Twitter.