Dutch challenger bank Bunq has reached a milestone of €1bn in user deposits.
The amount of money deposited in Bunq by their users doubled has doubled for the second year in a row. Previously in 2019, user deposits climbed from €211m to over €433m. This reflects a steep hike in user deposits over the past year.
Following this rapid growth, Bunq is intending to expand its operations into Germany by opening a brand-new office in Cologne. Furthermore, the company is launching local IBAN’s for German Bunq members.
With the introduction of IBAN’s for German members, the users will be able to use their account for all payments, direct debits, receiving their salaries and Bunq’s Payment Sorter.
Bunq founder and CEO Ali Niknam said, “We’re so happy that our users trust us with their daily lives and keep on using the features that make their lives easy. With a local account number, our German members can get the full Bunq experience!”
Bunq recently partnered with London-based payments firm Volt to provide a faster way for Bunq customers to transfer money from other accounts.
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