8.6 C
New York
Sunday, October 24, 2021
Home Challanger banks Bunq is looking for acquisitions of fintech peers during the crisis

Bunq is looking for acquisitions of fintech peers during the crisis

The founder of bunq Ali Niknam is not worried about the bright future of his challenger bank and claims that the company was left untouched by the corona crisis except everybody had to work from home.

“We are seeing that our revenue is still growing at an incredible pace. We’re seeing interchange revenue slightly decline because of travel restrictions but, we are seeing an increase in pace for our business subscriptions,” Niknam said at the AltFi Digital Summit 2020 last week.

Read also: Bunq challenger lets you create joint accounts with others

Ali Niknam was an avid programmer since childhood and studied computer science at the Delft University of Technology. He has launched the web-hosting startup TransIP in 2003 when he was only 21 years old. This company is now the 3rd biggest domain name provider in the world.

With his money from TransIP Niknam was able to launch bunq. Since 2012 bunq was able to go live across 30 countries and has processed over €433m in user deposits.

Except for their Travel and Premium subscription bunq is offering SuperGreen subscription that lets their customers help the environment while spending their money “At bunq, we want to make green easy. That’s why we’re the only bank in the world that enables you to become completely CO2 free in less than 2 years.”

Now Niknam is considering acquiring some fintech companies who are likely struggling during the post-COVID crisis time. “There’s a high quality of assets available at a discount, so somewhere down the line, there will be some sort of mergers or acquisitions by incumbents. But, I’d be surprised if nothing happens,” Niknam told AltFi.

With that, Niknam is also very driven with expanding abroad, particularly to the U.S.A., see more about this in the full article below.

Read also: Bunq is considering a US expansion and could have its first funding round ever

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

N26 has raised $900 million and is worth $9 billion

This way N26 became the second highest-valued bank in Germany, slightly ahead of Commerzbank.

Klarna is strengthening credit checks

Klarna, the “buy now, pay later” credit company, has unveiled important changes to its services in the UK.

Nik Storonsky has opened family office in London

According to Sifted, CEO of Revolut Nik Storonsky has decided to open a family office in London, UK. This...

Curve reported serious operating losses

Fintech Curve has reported an operating loss of £37.9 million in its annual results for 2020.