In April this year it started the process of getting a banking license sorted there. The majority of its customers are in Europe but Niknam said he sees as big of an opportunity in the U.S. The company currently has 9 million customers, compared to 5.4 million one year ago, and it has €4.5 billion in customer deposits (versus €1 billion two years ago). The plan will be to use the funding to continue expanding Bunq’s business. Previously the startup was backed by Niknam himself, who invested millions on the back of being a third-time entrepreneur - he described Bunq to me as “my third unicorn” in an interview earlier today - and said that today he still owns about 90% of the company.
That round was the first and last external investment and thus valuation assessment Bunq had ever taken. The round is coming in a valuation of €1.65 billion ($1.8 billion today $1.9 billion in 2021), exactly the same valuation the neobank had in 2021 when it raised $228 million from the same investors. The investment is being made as an “inside round” from previous backers, specifically Pollen Street Capital, Raymond Kasiman and founder and CEO Ali Niknam.
Now, a startup that is building financial services catering to that demographic is announcing some growth funding to expand its business.īunq - a Dutch startup that provides banking, savings, payments, card and other services to consumers with a focus on people who might need such services in more than one country across Europe - has raised €100 million in equity funding ($111 million at today’s rates), €44.5 million that just closed today, and a previously undisclosed €55.5 million earlier this year. Remote working and digital nomads became two very prominent aspects of the world of work during the pandemic, shedding light on the millions of people who live in one country but earn money in another.
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