European challenger bank bunq has doubled its user deposits and grown its workforce despite the global pandemic.
The Dutch neobank’s 2019 annual report offers key insights into the financial health of bunq. For instance, it has doubled its total amount of deposits to â‚¬433.6m ($486.9m), averaging â‚¬18.5m ( $20.7m) new user deposits month on month.
It also increased its headcount by 18.5% between 2018 and 2019. “Unlike other challenger banks, bunqâ€™s hiring investment has continued throughout the coronavirus pandemic as we continue to push the boundaries of what a bank is,” bunq said in a statement. “As business remains strong, we havenâ€™t made any of our employees redundant or furloughed because of the coronavirus. This due to our sustainable subscription business model – we promise to never make money from selling your data or by relying on sneaky transfer and travel charges.”
The bank has also planted more than 500,000 trees and launching nine key new bunq products.
“Additionally, weâ€™re delighted to find weâ€™re bucking the trend that people donâ€™t use challenger banks as their current accounts,” bunq said. “67% of our bunq Premium accounts are major usage accounts. These are accounts that are consistently being used with deposits higher than â‚¬1,000. In other words, at least â‚¬1,000 being held between all of your sub-accounts. Weâ€™re very happy to see that such a big part of our community truly loves to use bunq!”
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