Neobank bunq, which is the second largest bank in the European Union, announced that it has received an investment of 44.5 million for the growth and development of the company.
Bunq stated that the total size of the investment for the current year now amounts to approximately 100 million euros. This extra capital will enable the new bank to expand its international presence and accelerate its growth. Existing investors Ali Niknam, Pollen Street Capital, and Raymond Kasiman will increase their investments this year despite the market downturn.
Bunq received the investment on the back of record financial results for the year. The bank recently increased its client base to 9 million users in the European Union, with client deposits exceeding €4.5 billion.
In 2021, the bank generated €193 million and reached a financial valuation of €1.65 billion.
Ali Niknam, founder and CEO of bunq, said, "It's been a truly magical year for bunq: we’re rapidly expanding and have seen massive deposit growth."
He is also confident that the bank will be able to double its growth and consolidate the trend. Bunq will record a net profit in the last quarter of 2022, and is targeting a profit by the end of 2023.
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