Amsterdam-based neobank bunq reaches €1 billion in user deposits

Amsterdam’s challenger financial institution bunq has introduced that they’ve reached €1 billion in user deposits. This milestone outlines a steep hockey stick curve, with the sum of money deposited by customers greater than doubling for the second yr in a row. 2019 with €433.4 million, 2020 with €837 million deposited.

With the fast development, bunq is trying past the King’s Day occasion and making headway into Germany. The financial institution has opened an workplace in Cologne and now affords German patrons German IBANs.

“We’re so comfortable that our customers belief us with their every day lives and carry on utilizing the options that make their lives simple,” says CEO and founder Ali Niknam. “With an area account quantity, our German members can get the total bunq expertise!”

Founded in 2021 by serial entrepreneur Ali Nikam, bunq was granted the primary European banking allow in over 35 years and is at present out there in 30 European markets. To date, Nikam is the only investor having invested €73.8 million.

Not a foul benchmark for what is basically a bootstrapped firm. When requested in regards to the lack of enterprise capital involvement in 2019, Nikam instructed Altfi,

“There would possibly come a time we predict it’s in the advantage of our customers and the advantage of the corporate. Frankly, I simply want to select up the telephone as a result of we get calls each day. We have chosen not to take action proper from the beginning as a result of to us it’s extra essential to have the area to create a product that individuals actually love to make use of slightly than speeding into the market.”

Mind you, this assertion was made in a pre-pandemic world, and previous to €1 billion in user deposits.

Ali Nikam can be the founder and sole proprietor of Benelux area area title, internet hosting and VPS supplier TransIP. TransIP was backed by Stockholm’s EQT, nevertheless In 2017, EQT sold its stake in TransIP to Cherenkov B.V., an organization managed and totally owned by Niknam.

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