Spanish neobank Bnext has raised an additional $13m in its Series A funding round to expand into Latin America.

Bnext raised the additional capital from its existing investors DN Capital, Redalpine, Speedinvest, Founders Future, Enern, Digital Horizons, Kreos Capital, and Cometa.

The latest funding round brings the total amount raised by the Madrid-based startup to a tad over £43m ($56.6m).

Bnext, which provides alternative banking services, will use the fresh funds to expand its services in Latin America as well as boost its position in Spain.

Founded in 2017, the neobank has registered over 400,000 users till now.

Bnext CEO and co-founder Guillermo Vicandi said: “At Bnext we have always had a clear objective: to be a banking alternative that allows our users to end the bad experiences of traditional banks.”

“Since its launch, our growth has been constant both in services and products and in users, and we are proud to have the support of the best investors to design and execute a strategy that allows us to achieve our objective.”

Bnext works with a Bank of Spain-regulated Electronic Money Issuer to offer an account and a card without having to visit a bank – the first fintech to offer this service in Spain.

Users can open an account and request a card for their everyday financial needs, choose from a range of financial products, and also control their finances.