bunq
Savings accounts, Debit cards, Mortgages | |
Website | www |
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bunq B.V. (colloquially named bunq — bank of The Free; Dutch pronunciation:
The company was founded in 2012 by Dutch-Canadian entrepreneur Ali Niknam,[8] who previously founded web hosting provider TransIP and team.blue.[9][10][11]
History
Early history (2012-2015)
Much of bunq's early history is documented in the book BreakThrough Banking[12] by Dutch author Siebe Huizinga.[13]
According to BreakThrough Banking, much of bunq's early efforts went toward obtaining a European banking license from ‘De Nederlandsche Bank’, the central bank of the Netherlands. In 2014, bunq received a banking license from the Dutch central bank,[14] after which the company launched its bunq app and became the first fully mobile Dutch bank.[15][16]
Niknam has stated in interviews that “bunq is the only bank built by coders”.[17] This seems to have resonated in bunq's early public perception, as the bank was frequently labeled “an IT company with a banking license”.[18][19][20] At its launch in 2015, bunq was coined “WhatsApp for Banking” by Dutch newspaper NRC,[21] further underscoring its product and technology-focused banking model as an alternative to traditional ones.[22][23]
International expansion (2015-present)
As of 2019, bunq had been offering mobile financial services in 30 European countries.[24] In the early 2020s, bunq began offering multiple currencies and IBANs on a single subscription, regardless of the account holder’s location or residency.[25] Unlike other European neobanks, bunq has not disclosed how many people have an account with the company.[26] In 2021, user deposits surpassed 1.2 billion euros.[27][28] This figure increased to €4.5 billion by early 2024, as reported by bunq.[29]
Bunq offers personal and business bank accounts and a public API that allows software developers to access their bank accounts programmatically and build their apps.[30][31][32] By 2021, bunq became the first digital bank to offer mortgages.[33][34][35] As a licensed bank, bunq account holders fall under the Deposit Guarantee Scheme of the European Central Bank.[36][37][38]
Founder Ali Niknam was bunq’s sole benefactor until 2021, having invested over 120 million euros into the company.[39] In 2021, bunq secured the largest Series A round for a European fintech company to date, bringing its valuation to 1.6 billion euros and granting it unicorn status.[39][40][41] Later that year, it was valued at $2 billion in an investment deal.[42]
In March 2022, bunq's CEO announced a creation of a special fund aimed to help refugees from Ukraine (resulted after
In May 2022, bunq announced that they had acquired the Belgium-based fintech organisation Tricount. This acquisition saw bunq become the second largest neobank in the European Union.[46]
In October 2022, bunq won a landmark court case against the Dutch Central Bank. bunq had taken the DNB to court over the central bank’s anti-money laundering (AML) policies. The court ruled in favor of bunq using a learning system based on Artificial Intelligence, rather than a rule-based system imposed by DNB. The ruling made it possible for other banks to modernize their own AML strategies as well.[47][48]
Bunq’s European user base reached 11 million at the end of 2023.[49]
References
- ^ "Bunq - groepsrekening". YouTube.
- ^ "We are bunq, bank of the free". YouTube.
- ^ McKenzie, Ian (2023-05-16). "Review: bunq bank accounts". fintechcompass.net. Retrieved 2023-05-19.
- ^ Tucker, Charlotte (2020-04-23). ""We keep our business model flexible": Interview with bunq's founder Ali". EU-Startups. Retrieved 2022-02-18.
- ^ "What is bunq? The Dutch mobile challenger bank with a social conscience". NS Banking. 2019-09-16. Retrieved 2022-02-18.
- ^ gastblogger (2015-12-14). "Bunq, de nieuwkomer! Een eerste indruk". [finno] (in Dutch). Retrieved 2022-02-18.
- ^ "Members ordered by country code". RIPE Network Coordination Centre. Retrieved 2022-02-18.
- ^ drimble.nl. "bunq.com". drimble.nl. Retrieved 2022-02-18.
- ^ "Ali Niknam". www.denkproducties.nl (in Dutch). Retrieved 2022-02-18.
- ^ Kolstee, Door Pieter (2019-09-06). "Ali Niknam: 'Na deze overname zijn we de twee na grootste ter wereld'". Quote (in Dutch). Retrieved 2022-02-18.
- ^ "AI in Finance: bunq Launches Chatbot for Handling User Queries". Financial and Business News | Finance Magnates. 2023-12-20. Retrieved 2023-12-20.
- ^ "Break Through Banking. The trials and tribulations of bunq" (in Dutch). Retrieved 2022-02-18.
- ^ "Breken met banken – Siebe Huizinga" (in Dutch). Retrieved 2022-02-18.
- ^ "Dutch mobile bank bunq moves into Germany and releases open API". Finextra Research. 2017-03-09. Retrieved 2022-02-18.
- ^ "Bunq eerste nieuwe bank sinds DSB". nos.nl (in Dutch). 25 November 2015. Retrieved 2022-02-18.
- ^ "Bunq: eerste indruk | Consumentenbond". www.consumentenbond.nl. Retrieved 2022-02-18.
- ^ September 2019, 11th (2019-09-11). "bunq: A bank built by coders". FinTech Futures. Retrieved 2022-02-18.
{{cite web}}
: CS1 maint: numeric names: authors list (link) - ^ "Dev Summit - Ali Niknam: Juist programmeurs kunnen de bankensector veranderen". Tweakers (in Dutch). Retrieved 2022-02-18.
- ^ Overgoor, Ronnie (2017-10-10). "Ali Niknam (oprichter bunq): "Ik ben gewoon een nerd die de wereld beter wil maken"". Marketingfacts. Retrieved 2022-02-18.
- ^ "BUNQ, een IT-bedrijf met een banklicentie". FINANCELAB (in Dutch). 2015-09-30. Archived from the original on 2022-05-23. Retrieved 2022-02-18.
- ^ Noort, Wouter van (25 November 2015). "Bunq: 'WhatsApp voor banken'". NRC (in Dutch). Retrieved 2022-02-18.
- ^ "Ali Niknam (Oprichter Bunq bank): 'Ik ben gewoon een nerd die de wereld beter wil maken'". www.7dtv.nl (in Dutch). Retrieved 2022-02-18.
- ^ Hoeks, Door Guy (2017-10-26). "Bunq-oprichter Ali Niknam breekt lans voor nerds bij banken". Quote (in Dutch). Retrieved 2022-02-18.
- ^ "Challenger bank Bunq expands to all EU countries". TechCrunch. October 2019. Retrieved 2022-02-18.[permanent dead link]
- ^ "Bunq brings local currencies to Europe with rollout of multi-IBAN accounts". AltFi. 26 October 2021. Retrieved 2022-02-18.
- ^ Herendy, Csilla (June 22, 2021). "Innovative UX solutions from Bunq neobank | Ergomania UX and product design agency". ergomania.eu.
- ^ "Bunq Reaches €1 Billion in User Deposits, Becomes the First Neobank Outside of Germany to Offer German IBANs". Fintech Finance. 2021-04-28. Retrieved 2022-02-18.
- ^ "Ali Niknam, de miljardair die grootbanken een hak wil zetten".
- ^ Ian McKenzie. "bunq: In-depth Review (2024)". Fintech Compass. Retrieved 2024-02-12.
- ^ "bunq PSD2 | Nordigen". nordigen.com. Retrieved 2022-02-18.
- ^ "The PSD2 Sandbox From Banking API Provider bunq". API Evangelist. 29 October 2019. Retrieved 2022-02-18.
- ^ "bunq introduceert een API marktplaats". ICT Magazine (in Dutch). Retrieved 2022-02-18.
- ^ "bunq to become the first digital bank in Europe to offer mortgages". www.efma.com. Retrieved 2022-02-18.
- ^ "New bank Bunq pledges to be WhatsApp for financial services". NL Times. Retrieved 2022-02-18.
- ^ "Mobiele bank Bunq zet ook stap in hypotheken". Telegraaf (in Dutch). 2021-12-09. Retrieved 2022-03-07.
- ^ "bunq BV (Netherlands) - Deposit Guarantee". thebanks.eu. Retrieved 2022-02-18.
- ^ McKenzie, Ian (2022-06-02). "bunq Review for personal banking". fintechcompass.net. Retrieved 2022-06-02.
- ^ "Bunq Business Banking: 2022 Reviews, Fees & Charges". 2019-11-15. Retrieved 2022-02-18.
- ^ a b Burke, Elaine (2021-07-08). "Newly anointed Dutch unicorn acquires Irish company Capitalflow". Silicon Republic. Retrieved 2022-02-18.
- ^ read, John K. White·Daily NewsEurope··1 min (2021-12-03). "De Nederlandsche Bank (DNB) approves deal valuing Amsterdam's fintech unicorn Bunq at €1.6B". LendIt Fintech News. Retrieved 2022-02-18.
{{cite web}}
: CS1 maint: numeric names: authors list (link) - ^ McKenzie, Ian (2023-05-16). "Review: bunq bank accounts". fintechcompass.net (in Dutch). Retrieved 2023-05-19.
- ^ "Dutch challenger bank Bunq valued at $2 billion in investment deal". Reuters. 2021-06-17. Retrieved 2022-03-07.
- de Ondernemer(in Dutch). 2022-03-03. Retrieved 2022-03-07.
- ^ "Bunq CEO launches foundation to help people escape Ukraine and Russia". Finextra Research. 2022-03-01. Retrieved 2022-03-07.
- ^ "Fund raising, protests and calls for action: efforts in NL to support Ukraine". DutchNews.nl. 2022-02-27. Retrieved 2022-03-07.
- ^ "Dutch challenger Bunq becomes EU's second largest neobank with Tricount acquisition". Fintech Futures. 6 May 2022. Retrieved 19 May 2022.
- ^ "Amsterdam's bunq wins AML appeal against Dutch Central Bank (DNB): Know more | Silicon Canals". 2022-10-18. Retrieved 2022-11-29.
- ^ "Neobank Bunq wins case against Dutch Central Bank over artificial intelligence use". AltFi. 18 October 2022. Retrieved 2022-11-29.
- ^ Pascoe, Robin (2024-01-30). "Bunq posts first full-year net profit, plans to expand to UK". DutchNews.nl. Retrieved 2024-02-04.