Funding

[Funding alert] Amsterdam-based Bunq Secures €29 Million in Funding

Apr 12, 2024 | By Startup Rise EU

In its annual report, the European digital bank Bunq reported a net profit of €53 million for 2023. Additionally, the business receives capital of €29 million from its current stockholders.

In its annual report, the European digital bank Bunq reported a net profit of €53 million for 2023. Additionally, the business receives capital of €29 million from its current stockholders.

According to Finovate, this is a part of it's intentions to expand into new areas and guarantee adherence to legal criteria established by the Dutch Central Bank. Bunq is well-known for its goal of revolutionising the banking industry, with a focus on cutting-edge financial services and intuitive digital user interfaces.

It had tremendous expansion and advancement in 2023, as customer assets increased from €1.8 billion to nearly €6.9 billion. The significant rise in Bunq's interest revenue was a major factor in the institution's net profit for the year.

Ali Niknam, Founder and CEO of Bunq, in its annual report said, “As part of our international growth ambitions, we applied for an American banking license in April of 2023 and opened offices in New York City, paving the way for further international growth, While we can’t predict the future, we can shape it. If the changes in the banking landscape of the past decade or indeed just the changes of the past year are any indication, the future is up to be a bright one,”.

Bunq's expansion aspirations, especially in the UK market, will be bolstered by the recently obtained funds, which also signal the company's strategic entry into the US market.

Read also - London-based Avenir Raises €487k in Pre-Seed Funding

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Bunq is preparing to reapply for a banking licence in the United States through the Office of the Comptroller of the Currency (OCC) in order to enable this expansion. This comes after the company withdrew its earlier application due to regulatory issues with both Dutch and American authorities.

About Bunq

Ali Niknam, a serial entrepreneur, founded bunq in 2012, and it has significantly transformed the European banking sector. It swiftly grew to become the second-largest neobank in the EU by putting its customers at the centre of the company and developing a product that was based on their needs and desires.

Bunq, which serves digital nomads throughout the European Economic Area, simplifies life for location-independent individuals and companies beginning with the financial management process, which includes budgeting, investing, saving, and spending.

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