Bnext continues to cut benefits and add monetization channels that, in the end, translate into costs for users. On this occasion, the fintech that aimed to be the queen of the Spanish entrepreneurial economic scene has just given its users bad news. Another one in recent years. As of January 3, 2023 will start charging maintenance fees to its customers.
In an email sent to its active users, Bnext points out that the commission will depend on the use that each one makes of the account in the fintech itself. These can happen from 4.99 euros of inactive accounts, at 0.99 euros for the active ones. All those accounts that have direct debit payroll or make purchases of more than 300 euros per month are left out of the equation.
In other words, Bnext has just attacked its most powerful user force: those who, in addition to having a bank account in a traditional entity for their procedures, use fintech accounts for additional activities. Travel is precisely one of the strengths of the fintech sector. With international agreements for more beneficial money withdrawal or currency exchange, the industry has always been associated with this user profile. The fact of including the payroll also appeals the most attractive asset for national banks. Associated with the granting of credits or mortgages, or for accounts in large entities, Bnext enters a very sensitive phase for the local user.
One that puts Bnext on the tightrope of its direct competition in the fintech sector. Revolut, Rebelion and N26, as the most used digital entities, for the moment, do not want to hear about maintenance costs. At least to date, where they are still competing for its use as a standard account beyond being an alternative for specific moments.
Bnext needs to be profitable
They have not been good months for Bnext. In total, according to data from the platform at Information, just over 200,000 users –out of a total of 400,000– are 100% active. As for its inactive users, the fintech had to take action on the matter after breaking ties with Pecunpay, an entity for card management. The nearly 65,000 users in limbo who either switched to the new platform or got stuck. These were the ones who did not use the Bnext card since they signed up with the first promotions. Some that join the rest that, only occasionally, pull the technological banking services in question.
With financial data from 2020, at which time the fintech pointed to a reduction in losses by 21% compared to the previous year, they were 9.5 million euros in negative. In 2022, the company launched a utility token, similar to Bit2Me and managed by themselves, to attract users and finance through alternative channels. In just a few weeks after the launch of the B3X token, a total of €10 million was raised.
For this occasion, the implementation of account maintenance fees has the same purpose: to find money to sustain the company. Hipertextual has contacted Bnext, but has not had a response at the time of publishing this article. However, the company yes you have responded to users in the community which keeps it active.
“We fully understand the discomfort and we assume that these types of decisions have an impact on our users. Our goal is for Bnext to be a sustainable fintech over time and for this we must ensure the viability of the company by offering a quality service and not assuming commissions that represent a great cost to us”.
Statement in the Bnext Community
And it is that the users, upon receiving the informative email, have not hesitated to put Bnext at the same level as traditional banking. “This is starting to look like traditional banking little by little. Personally, I think it’s not a good idea to charge that commission, I have the Bnext to travel, and I don’t plan to be watching if I travel every 3 months or not”, I think one of its users also an investor in the round crowdfunding that launched Bnext a few years ago.