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 five tiers: 1) Easy Card, 2) Easy Savings, 3) Easy Bank, 4) Easy Bank Pro, and 5) Easy Bank Pro XL. The Easy Card and Easy Savings plans are free of charge, while the other three are priced at EUR 3.99–18.99 per month for individual accounts and EUR 7.99–23.99 per month for the business accounts.

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.

In June 2024, the company partnered with Nvidia to incorporate AI for fraud detection in its transaction-monitoring system and with Mastercard to use the latter’s open banking platform to provide comprehensive personal financial management solutions.

Funding and financials

In April 2024, the company raised EUR 29 million (~USD 30.9 million) in growth funding from existing shareholders. It planned to use the fresh funds to strengthen its position in the UK market and re-enter the US market.

In 2023, Bunq reported interest income of EUR 196.3 million (~USD 212.9 million; up 336% YoY). Additionally, it generated a net profit for the first time, totaling EUR 53.2 million (~USD 57.7 million), in stark contrast to the previous year’s net loss of EUR 10.4 million (~USD 11.2 million).