Bunq

Dutch-based Bunq offers banking services to individuals and businesses via a mobile app, and operates under its own banking license. The company offers checking accounts inclusive of debit cards, and mortgages, and it also facilitates instant bank payments among Bunq users, as well as split payments and share expenses among each other by providing group account options.

The company’s individual and business accounts are offered under three tiers; 1) Easy Bank, 2) Easy Money and 3) Easy Green. Individual accounts are priced at EUR 2.99-17.99 per month, while business accounts are priced between EUR 4.99-20.99 per month. Additional features offered by its paid packages include foreign exchange rates, Personal Finance Management (PFM) tools which provide detailed breakdowns and insights on spending patterns, metal cards, and the ability to choose and customize investment portfolios. The company’s products are also centered around sustainable and ethical practices. For instance, the company claims to plant trees for certain every time customers use their Bunq cards for purchases exceeding certain limits (e.g. over EUR 100).

The company also launched a GenAI chatbot called Finn, which replaces the search function on its app. Finn features a chat-style interface allowing users to inquire about their finances, from spending habits to account details. Additionally, it can merge data to address queries beyond transactions, such as recalling specific locations or expenses at particular places.

In July 2021, the company acquired Capitalflow, a digital platform that provides loans and other financing options to SMEs. As of the same date, the company operated in 30 European markets. In January 2024, Bunq applied for a UK Electronic Money Institution (EMI) license, with the intention of re-entering the market, ahead of its potential IPO. However, in February 2024, it withdrew its US banking license application amid regulatory concerns.

Key customers and partnerships

As of December 2023, Bunq served 11 million users across the EU.

Bunq provides a multi-currency feature in partnership with Currencycloud, an international payment solutions and infrastructure provider, that allows customers to receive, convert, hold, and spend in multiple foreign currencies of their choice, directly via the Bunq app, with minimal exchange rate fees. The company has also partnered with Paysafe, a specialized payments platform, that allows customers to deposit cash into their Bunq accounts through Paysafecash—an eCash solution operated by Paysafe.

In addition to this, the company has partnered with Birdee, a sustainable investment platform, to offer a sustainable investment feature called Easy Investments. The feature allows users to make investments in environmentally-friendly companies directly via the platform and are offered under three types of portfolios, depending on risk appetite. Bunq also partnered with InsurTech provider Companjon (in February 2023) to offer extended warranty and purchase protection to its Easy Green customers against any financial losses incurred relating to qualifying online purchases.

Funding and financials

In July 2023, Bunq announced that it had raised EUR 100 million (USD 111 million) in growth capital, at a valuation of EUR 1.65 billion (USD 1.9 billion; similar to its Series A funding round completed in July 2021). The funds were raised from existing investors that includedPollen Street Capital, Raymond Kasiman, and Ali Niknam (Founder and CEO of Bunq). The company was to use the fresh funds to support its growth and accelerate its international expansion.

In Q4 2022, Bunq reported that its net-fee income grew 37% YoY. It declared pre-tax profits of EUR 2.3 million (~USD 2.5 million) during the quarter, and claimed it was the first time the company turned a profit since its inception. The company also projected to turn profitable throughout 2023.