Netherlands-based neobank bunq has announced it secured an additional EUR 44.5 million in growth capital, bringing the total capital received in 2023 to almost EUR 100 million. The newly received capital is set to enable the mobile bank to further expedite its international expansion and continue its rapid growth.

bunq’s developments and funding context The company’s current investors, namely Ali Niknam, Pollen Street Capital, and Raymond Kasiman joined the funding round and committed to an investment valuation of EUR 1.65 billion, in spite of the 2023 market downturn. Per the announcement information, the receipt of the growth capital follows a year where bunq reached 9 million users across Europe and doubled its user deposits in a four-month timeframe, with the deposits exceeding EUR 4.5 billion. What is more, in 2021, the company raised EUR 193 million, amongst the largest Series A raised by a Europe-based fintech, valuing bunq at EUR 1.65 billion.

When commenting on the newly received growth capital, Ali Niknam, founder, and CEO of bunq advised that the company is expanding in an expedited manner, having seen exponential deposit growth. Per their statement, following the increase in customers, the spokesperson believes that bunq should ‘double down on its momentum’ and establish the way forward for future growth.  As detailed in the press release, bunq booked its first net profit in Q4 2022 and expects the first full profit year in 2023. bunq’s past announcements Within the first half of 2023, the online banking startup made public several developments, with the most recent one announced in April 2023 centring the company’s filing for a US banking licence with the FDIC in New York.

The application followed the company’s goal to introduce its transparent, value-based subscription model to an approximately 5 million digital nomad community, be those expats, international entrepreneurs, and professionals working remotely, who are either EU or US citizens with connections on both sides of the Atlantic. At the time of the announcement, the challenger bank planned to enable these users to bypass banking bureaucracy by opening a fully-fledged international bank account in the span of 5 minutes. The start of the year saw bunq collaborate with Ireland-based insurtech specialising in embedded insurance, Companjon.

As part of the partnership agreement, Companjon was announced to provide bunq users with Extended Warranty and Purchases Protection, created to help bunq Easy Green users recover from financial losses related to certain purchases. As bunq has a focus on sustainability and aims to help create a greener future, its Easy Green subscription package enables users to reduce their carbon footprint in less than two years, with bunq planting a tree for each EUR 100 spent leveraging bunq cards. .