Company:bunq
| Industry | Financial technology |
|---|---|
| Founded | 2012 |
| Founder | Ali Niknam |
| Headquarters | , Netherlands |
| Products | Current accounts, Savings accounts, Debit cards, Mortgages |
| Website | www |
bunq B.V. (colloquially named bunq — bank of The Free; Dutch pronunciation: [bʏŋk];[1] English: /bʌŋk/[2]) is a Dutch fintech and neobank licensed in the Netherlands within the European Union and operating in 30 European countries.[3][4][5][6] It was founded in Amsterdam where its headquarters are currently located.[7]
The company was founded in 2012 by Dutch-Canadian entrepreneur Ali Niknam,[8] who previously founded web hosting provider TransIP and team.blue.[9][10][11]
History
Early history (2012-2015)
Much of bunq's early history is documented in the book BreakThrough Banking[12] by Dutch author Siebe Huizinga.[13]
According to BreakThrough Banking, much of bunq's early efforts went toward obtaining a European banking license from ‘De Nederlandsche Bank’, the central bank of the Netherlands. In 2014, bunq received a banking license from the Dutch central bank,[14] after which the company launched its bunq app and became the first fully mobile Dutch bank.[15][16]
Niknam has stated in interviews that “bunq is the only bank built by coders”.[17] This seems to have resonated in bunq's early public perception, as the bank was frequently labeled “an IT company with a banking license”.[18][19][20] At its launch in 2015, bunq was coined “WhatsApp for Banking” by Dutch newspaper NRC,[21] further underscoring its product and technology-focused banking model as an alternative to traditional ones.[22][23]
International expansion (2015-present)
As of 2019, bunq had been offering mobile financial services in 30 European countries.[24] In the early 2020s, bunq began offering multiple currencies and IBANs on a single subscription, regardless of the account holder’s location or residency.[25] Unlike other European neobanks, bunq has not disclosed how many people have an account with the company.[26] In 2021, user deposits surpassed 1.2 billion euros.[27][28]
Bunq offers personal and business bank accounts and a public API that allows software developers to access their bank accounts programmatically and build their apps.[29][30][31] By 2021, bunq became the first digital bank to offer mortgages.[32][33][34] As a licensed bank, bunq account holders fall under the Deposit Guarantee Scheme of the European Central Bank.[35][36][37]
Founder Ali Niknam was bunq’s sole benefactor until 2021, having invested over 120 million euros into the company.[38] In 2021, bunq secured the largest Series A round for a European fintech company to date, bringing its valuation to 1.6 billion euros and granting it unicorn status.[38][39][40] Later that year, it was valued at $2 billion in an investment deal.[41]
In March 2022, bunq's CEO announced a creation of a special fund aimed to help refugees from Ukraine (resulted after Russia invaded Ukraine in February 2022) to come to the Netherlands. Bunq also stated that it would provide Ukrainian refugees with free bunq bank accounts.[42][43][44]
In May 2022, bunq announced that they had acquired the Belgium-based fintech organisation Tricount. This acquisition saw bunq become the second largest neobank in the European Union.[45]
In October 2022, bunq won a landmark court case against the Dutch Central Bank. bunq had taken the DNB to court over the central bank’s anti-money laundering (AML) policies. The court ruled in favor of bunq using a learning system based on Artificial Intelligence, rather than a rule-based system imposed by DNB. The ruling made it possible for other banks to modernize their own AML strategies as well.[46][47]
In July 2023, bunq reached 9 million customers.[48]
References
- ↑ "Bunq - groepsrekening". https://www.youtube.com/watch?v=RfQXYFG6ZhA.
- ↑ "We are bunq, bank of the free". https://www.youtube.com/watch?v=bQwcgpND4v4.
- ↑ McKenzie, Ian (2023-05-16). "Review: bunq bank accounts" (in en). https://fintechcompass.net/personal-bank-accounts/bunq/.
- ↑ Tucker, Charlotte (2020-04-23). ""We keep our business model flexible": Interview with bunq's founder Ali" (in en-US). https://www.eu-startups.com/2020/04/we-keep-our-business-model-flexible-interview-with-bunqs-founder-ali/.
- ↑ "What is bunq? The Dutch mobile challenger bank with a social conscience" (in en-US). 2019-09-16. https://www.nsbanking.com/analysis/bunq-bank/.
- ↑ gastblogger (2015-12-14). "Bunq, de nieuwkomer! Een eerste indruk" (in nl). https://www.finno.nl/2015/12/14/bunq-de-nieuwkomer-een-eerste-indruk/.
- ↑ "Members ordered by country code". https://www.ripe.net/participate/member-support/list-of-members/indices.
- ↑ drimble.nl. "bunq.com". https://drimble.nl/bedrijf/amsterdam/24697869/bunqcom.html.
- ↑ "Ali Niknam" (in nl). https://www.denkproducties.nl/experts/ali-niknam.
- ↑ Kolstee, Door Pieter (2019-09-06). "Ali Niknam: 'Na deze overname zijn we de twee na grootste ter wereld'" (in nl-NL). https://www.quotenet.nl/nieuws/a28923863/ali-niknam-na-deze-overname-zijn-we-de-twee-na-grootste-ter-wereld/.
- ↑ "AI in Finance: bunq Launches Chatbot for Handling User Queries" (in en). 2023-12-20. https://www.financemagnates.com/fintech/ai-in-finance-bunq-launches-chatbot-for-handling-user-queries/.
- ↑ "Break Through Banking. The trials and tribulations of bunq." (in nl). https://www.uitgeverijkompas.nl/product/e-book-bunq-break-through-banking/.
- ↑ "Breken met banken – Siebe Huizinga" (in nl). https://www.siebehuizinga.nl/portfolio/breken-met-banken/.
- ↑ "Dutch mobile bank bunq moves into Germany and releases open API" (in en). 2017-03-09. https://www.finextra.com/newsarticle/30258/dutch-mobile-bank-bunq-moves-into-germany-and-releases-open-api.
- ↑ "Bunq eerste nieuwe bank sinds DSB" (in nl). 25 November 2015. https://nos.nl/l/2071228.
- ↑ "Bunq: eerste indruk | Consumentenbond". https://www.consumentenbond.nl/betaalrekening/bunq.
- ↑ September 2019, 11th (2019-09-11). "bunq: A bank built by coders" (in en-GB). https://www.fintechfutures.com/2019/09/bunq-a-bank-built-by-coders/.
- ↑ "Dev Summit - Ali Niknam: Juist programmeurs kunnen de bankensector veranderen" (in NL). https://tweakers.net/plan/2008/dev-summit-ali-niknam-juist-programmeurs-kunnen-de-bankensector-veranderen.html.
- ↑ Overgoor, Ronnie (2017-10-10). "Ali Niknam (oprichter bunq): "Ik ben gewoon een nerd die de wereld beter wil maken"". https://www.marketingfacts.nl/berichten/ali-nikham-oprichter-bunq-ik-ben-gewoon-nerd-die-de-wereld-beter-wil-maken.
- ↑ "BUNQ, een IT-bedrijf met een banklicentie" (in nl). 2015-09-30. https://financelab.blog/2015/09/30/bunq-een-it-bedrijf-met-een-banklicentie/.
- ↑ Noort, Wouter van (25 November 2015). "Bunq: 'WhatsApp voor banken'" (in nl). https://www.nrc.nl/nieuws/2015/11/25/bunq-whatsapp-voor-banken-1559753-a310271.
- ↑ "Ali Niknam (Oprichter Bunq bank): 'Ik ben gewoon een nerd die de wereld beter wil maken'" (in nl). https://www.7dtv.nl/video/1076/ali-niknam-oprichter-bunq-bank-ik-ben-gewoon-een-nerd-die-de-wereld-beter-wil-maken.
- ↑ Hoeks, Door Guy (2017-10-26). "Bunq-oprichter Ali Niknam breekt lans voor nerds bij banken" (in nl-NL). http://www.quotenet.nl/zakelijk/a205887/bunq-oprichter-ali-niknam-breekt-lans-voor-nerds-bij-banken-205887/.
- ↑ "Challenger bank Bunq expands to all EU countries" (in en-US). October 2019. https://techcrunch.com/2019/10/01/challenger-bank-bunq-expands-to-all-eu-countries/.[yes|permanent dead link|dead link}}]
- ↑ "Bunq brings local currencies to Europe with rollout of multi-IBAN accounts" (in en). 26 October 2021. https://www.altfi.com/article/8475_bunq-brings-local-currencies-to-europe-with-rollout-of-multi-iban-accounts.
- ↑ Herendy, Csilla (June 22, 2021). "Innovative UX solutions from Bunq neobank | Ergomania UX and product design agency". https://ergomania.eu/innovative-ux-solutions-from-bunq-neobank-digital-banking-in-the-netherlands-part-1/.
- ↑ "Bunq Reaches €1 Billion in User Deposits, Becomes the First Neobank Outside of Germany to Offer German IBANs" (in en-US). 2021-04-28. https://ffnews.com/newsarticle/bunq-reaches-e1-billion-in-user-deposits-becomes-the-first-neobank-outside-of-germany-to-offer-german-ibans/.
- ↑ "Ali Niknam, de miljardair die grootbanken een hak wil zetten". https://www.tijd.be/ondernemen/banken/ali-niknam-de-miljardair-die-grootbanken-een-hak-wil-zetten/10366509.html.
- ↑ "bunq PSD2 | Nordigen". https://nordigen.com/en/banks/psd2/bunq/.
- ↑ "The PSD2 Sandbox From Banking API Provider bunq" (in en-us). 29 October 2019. https://apievangelist.com/2019/10/29/the-psd2-sandbox-from-banking-api-provider-bunq/.
- ↑ "bunq introduceert een API marktplaats" (in nl). https://www.ictmagazine.nl/bedrijfsnieuws/bunq-introduceert-een-api-marktplaats/.
- ↑ "bunq to become the first digital bank in Europe to offer mortgages" (in en). https://www.efma.com/article/16866-bunq-to-become-the-first-digital-bank-in-europe-to-offer-mortgages.
- ↑ "New bank Bunq pledges to be WhatsApp for financial services" (in en). https://nltimes.nl/2015/11/26/new-bank-bunq-pledges-whatsapp-financial-services.
- ↑ "Mobiele bank Bunq zet ook stap in hypotheken" (in nl). 2021-12-09. https://www.telegraaf.nl/financieel/206867681/mobiele-bank-bunq-zet-ook-stap-in-hypotheken.
- ↑ "bunq BV (Netherlands) - Deposit Guarantee" (in en). https://thebanks.eu/banks/18424/deposit_guarantee.
- ↑ McKenzie, Ian (2022-06-02). "bunq Review for personal banking" (in en-US). https://fintechcompass.net/review/bunq/.
- ↑ "Bunq Business Banking: 2022 Reviews, Fees & Charges" (in en-GB). 2019-11-15. https://businessfinancing.co.uk/bunq-business-banking/.
- ↑ 38.0 38.1 Burke, Elaine (2021-07-08). "Newly anointed Dutch unicorn acquires Irish company Capitalflow" (in en). https://www.siliconrepublic.com/start-ups/bunq-capitalflow-acquisition-dutch-unicorn-funding.
- ↑ read, John K. White·Daily NewsEurope··1 min (2021-12-03). "De Nederlandsche Bank (DNB) approves deal valuing Amsterdam's fintech unicorn Bunq at €1.6B" (in en-US). https://www.lendacademy.com/de-nederlandsche-bank-dnb-approves-deal-valuing-amsterdams-fintech-unicorn-bunq-at-e1-6b/.
- ↑ McKenzie, Ian (2023-05-16). "Review: bunq bank accounts" (in nl). https://fintechcompass.net/nl/bankrekening/bunq/.
- ↑ "Dutch challenger bank Bunq valued at $2 billion in investment deal" (in en). Reuters. 2021-06-17. https://www.reuters.com/article/us-bunq-fundraising-idUSKCN2DT17E.
- ↑ "bunq verstrekt gratis bankrekening en simkaart aan gevluchte Oekraïners" (in nl). 2022-03-03. https://www.deondernemer.nl/politiek/bunq-niknam-bankrekening-simkaarten-gevluchte-oekra%C3%AFners-picnic-messagebird-people-for-people~3707300.
- ↑ "Bunq CEO launches foundation to help people escape Ukraine and Russia" (in en). 2022-03-01. https://www.finextra.com/newsarticle/39781/bunq-ceo-launches-foundation-to-help-people-escape-ukraine-and-russia.
- ↑ "Fund raising, protests and calls for action: efforts in NL to support Ukraine" (in en-GB). 2022-02-27. https://www.dutchnews.nl/news/2022/02/fund-raising-protests-and-calls-for-action-efforts-in-nl-to-support-ukraine/.
- ↑ "Dutch challenger Bunq becomes EU's second largest neobank with Tricount acquisition". Fintech Futures. 6 May 2022. https://www.fintechfutures.com/2022/05/dutch-challenger-bunq-becomes-eus-second-largest-neobank-with-tricount-acquisition/. Retrieved 19 May 2022.
- ↑ "Amsterdam's bunq wins AML appeal against Dutch Central Bank (DNB): Know more | Silicon Canals" (in en-US). 2022-10-18. https://siliconcanals.com/news/startups/fintech/amsterdams-bunq-wins-aml-appeal-against-dnb/.
- ↑ "Neobank Bunq wins case against Dutch Central Bank over artificial intelligence use" (in en). 18 October 2022. https://www.altfi.com/article/10001_neobank-bunq-wins-case-against-dutch-central-bank-over-artificial-intelligence-use.
- ↑ Lunden, Ingrid (2023-07-24). "Bunq, the Dutch neobank, has raised $111M at a flat $1.8B valuation to break into the US" (in en-US). https://techcrunch.com/2023/07/24/bunq-the-dutch-neobank-has-raised-111m-at-a-flat-1-8b-valuation-to-break-into-the-us/.
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