8.6 C
New York
Monday, May 27, 2024
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.

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

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.