Overfunding: Spanish Fintech Challenger bnc10’s Crowdcube Campaign Quickly Secures £300,000 Funding Target

    bnc10, a new fintech challenger based in Barcelona, Spain, has successfully secured its initial £300,000 equity crowdfunding target through its Crowdcube campaign, which has attracted more than 225 Crowdcube investors.

    Founded in 2018 and launching earlier this year, bnc10 stated it has grown rapidly, hitting 40,000 active customers not only in the home market of Barcelona and Spain, but also in more than 20 countries across Europe.

    “The combination of Apple & Google Pay, instant top-up, Spanish IBAN, P2P payments and shared accounts make it a strong alternative to traditional banks. An account can be opened, topped up and first payment made in the time it takes to have a coffee.”

    bnc10 also reported its shared accounts service enables the platform to target users from 25 to 50 years old who share a flat, are young parents, or in a relationship allowing maximum flexibility to share their everyday expenses.

    “bnc10 has developed its entire platform internally enabling fast development and products, leveraging Fintech partners like Mastercard, PFS and Mitek.”

    bnc10 further noted that it plans to keep growing in the home market of Spain, with expansion throughout Europe and Latin America, obtain its own EMI license and boost monetization through pay-per-use premium products. The company is planning to use the Crowdcube funds for this expansion.

    bnc10 is now offering 2.55% in equity at a £13,416,815 pre-money valuation through the funding round, which is set to close at the end of October.

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