Profitable Digital Bank bunq Raises More Money at €1.65 Billion Valuation

Profitable digital bank bunq has raised more money. According to a note from the firm bunq has received €44.5 million at a pre-money valuation of €1.65 billion.  In 2021 bunq raised €193 million at the same valuation.

Bunq was founded by Ali Niknam after he secured the first European banking license in over 35 years. Niknam bootstrapped the Fintech for almost ten years, committing almost €100 million of his own funds to get the bank off the ground.

Following this most recent capital infusion bunq has now received about €100 million in outside money. Beyond Niknam, other investors in the Fintech include Pollen Street Capital and Raymond Kasiman. The money is expected to be used to help boost its growth. Currently, bunq claims to be the second-largest digital bank in Europe.

As was previously reported, bunq now tops 9 million users in Europe and has doubled its user deposits in just four months, with deposits now topping €4.5 billion.

Niknam said it has been a “magical” year for his company.

“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.”

bunq reported a net profit during Q4 of 2022 and predicts a full-year profit for 2023

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