The newly received capital is set to enable the mobile bank to further expedite its international expansion and continue its rapid growth.
The company’s current investors, namely Ali Niknam, Pollen Street Capital, and Raymond Kasiman joined the funding round and committed to an investment valuation of EUR 1.65 billion, in spite of the 2023 market downturn.
Per the announcement information, the receipt of the growth capital follows a year where bunq reached 9 million users across Europe and doubled its user deposits in a four-month timeframe, with the deposits exceeding EUR 4.5 billion. What is more, in 2021, the company raised EUR 193 million, amongst the largest Series A raised by a Europe-based fintech, valuing bunq at EUR 1.65 billion.
Within the first half of 2023, the online banking startup made public several developments, with the most recent one announced in April 2023 centring the company’s filing for a US banking licence with the FDIC in New York.
The application followed the company’s goal to introduce its transparent, value-based subscription model to an approximately 5 million digital nomad community, be those expats, international entrepreneurs, and professionals working remotely, who are either EU or US citizens with connections on both sides of the Atlantic. At the time of the announcement, the challenger bank planned to enable these users to bypass banking bureaucracy by opening a fully-fledged international bank account in the span of 5 minutes.
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