Amsterdam, February 21, 2023 - bunq, the second largest neobank in the EU, reports a pre-tax profit of €2.3 million over the last quarter of 2022. The challenger’s first quarterly profit will fuel the fintech’s further growth and expansion, contributing to building the first global neobank for location-independent people and businesses.
In the last quarter of 2022, bunq’s net fee income grew by 37%, compared to the last quarter of 2021, and user deposits grew by 64%, to €1.8 billion at the end of 2022.
I’m incredibly proud that, just a decade since our inception, bunq’s service-oriented business model has proven to be profitable. Truly aligning our user-centered philosophy with financial success, we were able to build a business that’s only successful as long as our users are happy, says Ali Niknam, founder and CEO of bunq.
bunq reported break-even for the first time at the end of December 2021. Since then, the neobank has been on a steady path to profitability, continuously investing its operating profit in innovation, product development and international expansion.
About bunq
Founded in 2012 by serial entrepreneur Ali Niknam, bunq has brought lasting change to the European banking industry. By having its users at the heart of the business and building a product rooted in their wants and needs, bunq quickly scaled to become the second largest neobank in Europe. Serving digital nomads across Europe, bunq makes life easy for location-independent people and businesses starting from the way they manage money: how they spend, save, budget and invest.
Pioneering many things considered impossible, bunq was the first bank to get a European banking permit in over 35 years, raised the largest series A round ever secured by a European fintech (€193 million), and was the first EU neobank to achieve structural profitability at the end of 2022. On its mission to build the first global neobank for digital nomads, in April 2023, bunq announced its bid to enter the US market by applying for a banking license.
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