Dutch opposition bank bunq has actually reported its very first complete year of earnings, a welcome money cushion as the business prepares its UK relaunch.
Bunq, which is Europe’s 2nd biggest neobank, stated it made EUR53.1 mn in net earnings in 2023, a remarkable dive from the EUR16.5 mn loss it sustained the year previous.
Riding this momentum, bunq has actually now sent its application for an E-Money Institution (EMI) licence in the UK, 3 years because Brexit revoked the one it had.
“The UK is home to the second-highest variety of digital wanderers internationally, so naturally, we wish to exist,” stated bunq creator and CEO Ali Niknam. “We wish to really make their life simple. That’s why we’re delighted to reestablish bunq to the Brits and allow them to bank like a regional all throughout Europe.”
Bunq stopped providing brand-new accounts in the UK at the end of 2020. It still has UK users obtained before Brexit.
The Amsterdam-based company has actually been preparing a UK return for a minimum of a couple of months currently. It bundled a brand-new British subsidiary in late November, with an authorized workplace in Regent Street in London’s main shopping district.
The bank predicts a big market to take advantage of, consisting of an approximated 2.8 million British digital wanderers. “As a bridge in between Europe and the rest of the world, the UK is at the leading edge of European fintech and an extremely essential market for bunq. As a real tech business, it just makes good sense for us to pursue this market,” stated Niknam.
Bunq will be trying to elbow its method onto a currently extremely competitive market. Monzo, Starling, and Revolut– which is presently looking for a UK banking licence– have actually all expanded recently. As Europe’s most significant neobank, Revolut alone signs up more than 30 million users, 6.8 countless which live in Britain.
Niknam, born in Canada to Iranian moms and dads and raised in the Netherlands, established bunq in 2012. 2 years later on, the fintech start-up ended up being the very first bank to get a European banking licence in 35 years. It reached unicorn status in 2021.
Neobanks are typically called opposition banks due to the fact that they require tradition banks to up their tech video game, especially when it pertains to user experience and electronic banking.
In the push to keep innovating, bunq just recently introduced Finn– a generative AI chatbot that assists users prepare their financial resources, make much better budget plans, and quickly discover deals.