Digital Bank bunq Reports New Funding with Plans for US Expansion

Digital bank bunq has reported a net profit of €53 million for 2023 as part of its annual report.

bunq also revealed that it acquired additional funding of €29 million from its existing backers. This is reportedly part of Bunq’s efforts for expanding business operations in other key markets, along with ensuring compliance with regulatory guidelines established by the Dutch Central Bank. This, according to an update shared by Finovate.

bunq is known for its goal to streamlining banking, placing a sharp focused on user-friendly and intuitive all-digital interfaces and seamless financial services.

Last year, Bunq experienced considerable growth and hit key milestones, with client assets reportedly increasing from €1.8 billion to more than €6.9 billion.

The digital bank also reported a total profit for the year, mainly due to the considerable rise in Bunq’s interest-related income.
Available financial information unveoils that this amount notably tripled last year, surging from more than €41 million to exceeding the €127 million mark.

Ali Niknam, Founder and CEO at Bunq, shared key details in the firm’s yearly report.

“As part of our international growth ambitions, we applied for an American banking license in April of 2023 and opened offices in New York City, paving the way for further international growth. While we can’t predict the future, we can shape it. If the changes in the banking landscape of the past decade or indeed just the changes of the past year are any indication, the future is up to be a bright one.”

The latest proceeds should help with accelerating bunq’s expansion plans, with a focus on the UK market, while highlightin its entry into the US markets.

In order to support these expansion efforts, bunq is preparing to reapply for a banking license in the United States via the Office of the Comptroller of the Currency (OCC). This move reportedly coems after the withdrawal of its initial application because of regulatory issues with Dutch and US regulators.


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