Fintech unicorn bunq secures €44.5M in funding for international expansion
Amsterdam-founded neobank bunq announced securing an additional €44.5M in funding, bringing the total amount of capital raised by the company to nearly €100M this year. Funds will go towards accelerating the mobile bank's international growth, particularly in the US market.
A year of exceptional growth for bunq
Founded in Amsterdam in 2012, bunq is a digital alternative to the traditional banking system, allowing users to take control of their money from anywhere in the world with an easy-to-use online platform. The company has been steadily expanding, recently doubling user deposits in in just 4 months to €4.5B. In the last year, the company's European customer base has grown from 5.4M to 9M, with 50% directly contributing to the company’s revenue through subscription fees and interest income.
Securing the funds for international expansion
Bunq reported their first ever net profits in the 4th quarter of 2022 and is on track to report a full year of profit this year. In April, the company applied for a US banking licence and announced plans to offer their service stateside, building on their success as Europe’s 2nd largest neobank. This latest injection of capital will be used to further enable the overseas expansion, giving US-based digital nomads a way to bank remotely.
Ranked as one of Europe’s top tech ecosystems, the Amsterdam Area has fuelled the bunq’s success with a supply of highly-skilled talent and plenty of opportunity for collaboration. With an open business climate and international orientation, the region has become an accelerator for innovative companies that are shaking up the financial industry.
