8.6 C
New York
Tuesday, June 22, 2021
Home Challanger banks Bunq exceeds €1 billion in user deposits

Bunq exceeds €1 billion in user deposits

Dutch neobank bunq hits the billion mark in deposits and is offering German account numbers for the first time.

Read also: Leaked Revolut blog post announces Bitcoin withdrawal option

According to the Financial Times, Bunq is the fastest growing online bank in Europe. The deposits double annually and have just passed the 1 billion euro mark. At the beginning of this year, Bunq opened an office in Cologne.

With the introduction of German account numbers, customers living in Germany will in the future be able to use all account functions without IBAN discrimination. Payments, direct debits and incoming salaries were previously only possible with a Dutch account number. 

This impaired payment transactions with German institutions, although EU legislation stipulates that all accounts from SEPA countries should have equal rights.

Bunq makes digital account management now even easier for users, as the account numbers are accepted for all payment transactions.

Ali Niknam, CEO and founder of bunq, 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!”

However, the German IBANs are just the beginning – bunq’s future plans include offering local IBANs in other countries based on reports and feedback gathered from members.

bunq has also planted a record amount of 1 million trees for their users over the past 4 months. The challenger bank is offering a variety of products to let their users become CO2 free in under 2 years.

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

Recent posts

Revolut revenue grows but operating losses double to £201m

Revolut announced that 2020 adjusted revenues, that grew 57% to £261 million. However, operating losses in 2020 have doubled.

Bunq valued at 1.65 billion € after first investment

Dutch digital bank Bunq managed to close the very first funding round with an undisclosed British private equity firm.

Wise expects valuation of £9bn with new London listing

Wise, former TransferWise, is about to go public on the London Stock Exchange through a direct listing.

N26 exceeds 2 million customers in France

N26 announced that it has convinced 2 million French customers to use its services after 4,5 years since entering the market.