Spain’s first mobile neobank for cash collection Bnext has partnered with UK-based global fintech-as-a-service (FaaS) company Rapyd to expand its services across Latin America (LATAM), with Mexico as the first market.

Through this partnership, Bnext customers will now be able to make cash deposits to their accounts in 30,000 locations across Mexico.

These cash deposits can be made at all Rapyd point-of-sale (POS) terminals in the country.

At a later stage, they will be expanded to interbank deposits via Rapyd’s global payments network.

Bnext will leverage the Rapyd platform’s payment infrastructure for cash collection.

Bnext Mexico country manager Cristian Huertas said: “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.”

Rapyd’s global payment network provides companies with the ability to offer unique payment methods to consumers.

Rapyd will allow Bnext to expand its services across distinct geographies while removing the need for integrating several payment systems and technologies.

Rapyd EMEA VP Sarel Tal said: “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.”