Netherlands-based digital banking platform, bunq, continues to make financial headlines with its remarkable progress.
The company recently secured an additional €44.5m in a funding round, which further bolstered its market valuation to a formidable €1.65bn. The investment was led by current investors Pollen Street Capital and included participation from bunq’s Chief Information Officer, Raymond Kasiman, and the bank’s founder and CEO, Ali Niknam.
A household name in the burgeoning FinTech industry, bunq is renowned for its innovative digital banking solutions. It delivers seamless banking experiences for its steadily growing user base, which recently crossed the 9 million mark, accounting for over €4.5bn in deposits. The firm’s consumer-centric approach and user-friendly technology have made it a standout player in the digital banking sphere.
The fresh capital injection will fuel bunq’s forward momentum. Plans are already underway to leverage the funding to facilitate further expansion and sustain the company’s impressive deposit growth. Bunq is committed to establishing its dominance in the digital banking market, with a strong focus on continued innovation and customer satisfaction.
This funding round is not the first significant investment for bunq this year. Despite a challenging market, the neobank has demonstrated commendable financial resilience, securing nearly €100m this year alone.
CEO and Founder Ali Niknam had this to say about bunq’s journey, “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.”
The company, founded in 2012, was bootstrapped until 2021. It then hit a landmark milestone, recording the largest series-A ever raised by a European FinTech at €193m, which included €168m from London-based private equity firm Pollen Street Capital and a €25m reinvestment by Niknam.
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