The European digital bank Bunq recently announced a net profit of €53 million for 2023 in its annual report. The company also informed that it got a fresh capital injection of €29 million from its existing shareholders. This is part of Bunq’s plans for growing in other markets, as well as to ensure compliance with regulatory requirements set by the Dutch Central Bank, according to Finovate.
Bunq is renowned for its mission to revolutionize banking, placing a strong emphasis on user-friendly digital interfaces and innovative financial services. In 2023, Bunq, witnessed significant growth and progress, with customer assets surging from €1.8 billion to over €6.9 billion. The institution also achieved a net profit for the year, largely attributed to the substantial increase in Bunq’s interest income. Reported figures reveal that this income tripled in 2023, soaring from over €41 million to surpassing €127 million.
“As part of our international growth ambitions, we applied for an American banking license in April of 2023 and opened offices in New York City, paving the way for further international growth,” mentioned Ali Niknam, Founder and CEO of Bunq, in its annual report. “While we can’t predict the future, we can shape it. If the changes in the banking landscape of the past decade or indeed just the changes of the past year are any indication, the future is up to be a bright one,” he added.
The newly acquired funds will fuel bunq’s expansion plans, particularly in the UK market, and mark its strategic entry into the US market. To facilitate this expansion, Bunq is gearing up to reapply for a banking license in the US through the Office of the Comptroller of the Currency (OCC), following the withdrawal of a previous application due to regulatory challenges with Dutch and US authorities.
