bunq said to close €160m round upping its valuation to €1.65bn

Challenger bank bunq has reportedly closed a €160m funding round, which puts its valuation at €1.65bn.

The capital was supplied by an unnamed British private equity firm, according to a report from altfi.

Prior to this funding round, the company collected €10m back in 2018 from its CEO Ali Niknam.

The company offers a free bank account that helps users get better control of their finances. In addition to the banking tools offered by the company, the FinTech company has a strong ESG focus.

Its mobile app enables users to easily donate money to charity. Last year, the company even held a Double Donation Day, which saw it double the donation made by its users. Other initiatives include planting one million tress.

bunq recently surpassed the €1bn user deposit milestone and doubled its user base for the second consecutive year.

On the back of this rapid growth, the Dutch FinTech company opened a new office in Germany to reach new customers. This move included the launch of local IBAN’s for German bunq members.

Last year, the company claimed to become the first European challenger bank to offer mortgages, which was made possible through a silent partnership.

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