Amsterdam’s bunq has closed a record-breaking European fintech Series A spherical at €193 million. This now provides the bank a valuation of €1.6 billion. Not too unhealthy for an organization that till this announcement had remained bootstrapped by its founder Ali Niknam for near a decade. Following a discernible sample, Niknam reinvested €25 million of his personal private cash on this increase. The extra €168 million was offered by Pollen Street Capital.
bunq is working in 30 European markets, and as we reported earlier this 12 months, surpassed over €1 billion in user deposits. All with none exterior monetary influences. The bank has lately achieved its first-ever worthwhile month, and with the new funding, has introduced that it’s time to buy groceries. First up? Capitalflow Group, an Irish digital specialist enterprise lender, and notably, now previously owned by, you guessed it, Pollen Street Capital.
If you look again at Niknam’s earlier wildly profitable enterprise, (and marvel like I did, the place is all this cash coming from?) he’s the sole founding father of Benelux area area title, internet hosting, and VPS supplier TransIP. His technique of build up a powerhouse after which folding quite a few opponents beneath the identical umbrella has clearly labored.
Your creator can solely go and seize the popcorn and wait to see how the Bunq M&A technique goes to unfold.
“bunq was based to problem what banking is and may do. By placing our customers first we have now created a bank that’s tremendous targeted to make life simple in a sustainable method. We’re extraordinarily excited to affix forces with Pollen Street Capital to additional broaden the bank of The Free all through Europe,” commented Niknam.
Cue the shopping for spree …