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Amsterdam-based bunq, the second largest neobank in Europe, introduced that in 2023, it achieved a internet revenue of €53.1M, showcasing the success of its sustainable enterprise mannequin. The corporate plans to make use of these file income to gas its international growth technique.
bunq is increasing its attain past the European Union by making use of for an E-Cash Establishment (EMI) license within the UK. This transfer allows the corporate to focus on the huge market, significantly the estimated 2.8 million British digital nomads.
Whereas already totally licensed within the EU and awaiting a banking allow within the US, bunq stays dedicated to serving its UK customers acquired earlier than Brexit underneath related regulatory frameworks.
To re-establish its presence, bunq is about to permit UK customers to open a neighborhood cost account in simply 5 minutes.
Ali Niknam, founder and CEO of bunq, says, “The UK is house to the second-highest variety of digital nomads globally, so naturally, we wish to be there. We wish to really make their life straightforward, that’s why we’re excited to reintroduce bunq to the Brits and allow them to financial institution like a neighborhood all throughout Europe.”
“Bridge between Europe and the remainder of the world”
bunq, which claims to be one of many early neobanks to realize structural profitability in a fiercely aggressive market, has marked its first full yr of bottom-line profitability.
This milestone aligns with the corporate’s international momentum, boasting a person base of 11 million by the top of the earlier yr. The neobank’s success is attributed to its confirmed enterprise mannequin, speedy deposit progress, and sturdy expertise platform.
Bolstered by these achievements, bunq is poised to additional its growth within the UK and globally.
Niknam says, “As a bridge between Europe and the remainder of the world, the UK is on the forefront of European fintech and a vastly essential marketplace for bunq. As a real tech firm, it solely is smart for us to pursue this market.”
bunq’s monetary progress
Within the ultimate quarter of 2023, bunq skilled substantial monetary progress, with a 20 per cent enhance in gross price revenue in comparison with the identical interval in 2022.
The corporate stories that its person deposits surged practically fourfold, hovering from €1.8B to just about €7B by the shut of 2023.
Moreover, the gross curiosity revenue for the final quarter of 2023 additionally surged, witnessing a 488 per cent progress compared to the corresponding interval in 2022.
The most recent information builds on its latest announcement of the launch of Finn, bunq’s Generative AI platform. Since its inception, Finn has dealt with nearly half 1,000,000 person queries associated to budgeting, transactions, and numerous different matters.
Temporary about bunq
Ali Niknam based bunq in 2012 after acquiring the primary European banking allow in over 35 years. As the only real investor till 2021, Niknam personally financed the corporate with €98.7M.
This method allowed bunq the liberty to assemble a financial institution that prioritises the wants of its customers. The corporate stands out as the one self-funded challenger financial institution that expanded into 30 European markets with out counting on any enterprise capital funds.
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