In Europe, Bunq Reaches 9M Users And Doubles Deposits In Just 4 Months

Europe’s neobank for digital nomads keeps growing quickly. It now has €4.5 billion in deposits and is offering cashback and interest on saves.

Bunq, which is based in Amsterdam, now has more than 9 million users and more than €4.5 billion in deposits. It also has new choices for cashback and savings interest.

After Revolut, Bunq is the second-largest neobank in the EU. It reached €2 billion in savings in March, and after ending 2022 with a quarterly profit of €2.3 million, it said it would be profitable for the whole year in 2023.

Last month, Ali Niknam, the CEO of Bunq, sat down with AltFi to talk about how he thinks the rival will make money for a full year and how fast it has grown in Europe.

Now, the bank’s savings have doubled in just four months, and the number of people who use it has gone from 5.4 million to 9 million in just over a year.

In answer to user requests, the bank is now offering up to 2% cashback and 3.71 % interest on USD and GBP to help its users who are not tied to a specific location.

“At bunq we’re building the first global neobank for digital nomads,” Niknam said.

“In doing so, we carefully listen to their wants and needs. Our research showed that cashback is the number one requested feature, so we dove in and started developing that.

Today we’re launching a unique feature by European standards: 2 per cent cashback on public transportation and 1 per cent on restaurants and bars. We expect our users to love this.”

Along with the cashback and higher interest rates, which Bunq hopes will help its users have a more “borderless experience,” it is also launching CO2 insights that will let users see the environmental effects of their purchases.

“We’re incredibly happy to see so many users across Europe choosing bunq as their day-to-day bank and entrusting us with their savings. Let’s see what the future will bring!” Niknam added.