Amsterdam-based neobank bunq, announced on Monday, that it has secured an additional €44.5M in growth funding, bringing the total raised capital this year to nearly €100M.
The investors in this round include Ali Niknam (Founder of bunq), Pollen Street Capital and Raymond Kasiman.
The funding comes right after the company hit 9 million users across Europe and doubled its user deposits in just four months, with deposits surpassing €4.5B.
Bunq secured €193M in 2021, the largest series-A funding ever raised by a European fintech, valuing the company at €1.65B.
Capital utilisation
The Amsterdam-based fintech says it will use the money to further accelerate its international expansion and continue its rapid growth.
Ali Niknam, founder and CEO of bunq, says, “It’s been a truly magical year for bunq: we’re rapidly expanding and have seen massive deposit growth. With more and more people entrusting their money to us, we’re convinced that we should double down on our momentum and cement the way forward for future growth.”
bunq reported its first net profit in the fourth quarter of 2022 and plans to report its first full-year profit in 2023.
Brief about bunq
Ali Niknam founded bunq in 2012 after he secured the first European banking permit in over 35 years.
He was the company’s sole investor until 2021, financing the company with €98.7M of his own money. The neobank claims this allowed it the freedom to build a bank rooted in the wants and needs of its users.
The fintech company turned out to be the only self-funded challenger bank that branched into 30 European markets without a penny of VC funds.
In May 2022, bunq welcomed 5.4 million new users to its community with the acquisition of Belgian fintech Tricount, which made bunq the EU’s second-largest neobank.
