Dutch IT channel – bunq expands to the US

After a successful decade serving European users, Neobank now focuses on five million European expats, international entrepreneurs and professionals in the US. The challenger wants to make life easier for these US users and open a full bank account in less than five minutes.

Perfect for anyone with an international lifestyle, the bunq app allows users to manage their finances from anywhere in the world. By saving on exchange rate surcharges, using multiple currencies and automatic budgeting, digital nomads gain full control over their finances. Bunq has no hidden costs or minimum balance, mostly in the US.

Ali Nighnum, CEO and founder of Bunk, says: “Bunk strives for greater diversity in the financial sector, so people have the freedom to choose what’s right for them. With this simple philosophy, we’ve conquered Europe. We can’t wait to let digital go. In America, nomads bank effortlessly; where, when, and How it suits them so well.

By the end of 2021, there were 4.9 million European expatriates in the United States, a group facing increasingly complex regulations and a lack of transparent financial services in the United States. bunq wants to provide these US users with a product that perfectly suits their preferences and needs.

bunq has rapidly expanded to more than thirty European countries in a few years. With the acquisition of Belgian fintech Tricount (5.4 million users) in May 2022, bunq became the second largest neobank in Europe. In addition, from 2021, bunq will be the first European neobank to record an operating profit. In December 2022, bunq was structurally profitable with a first quarter profit of 2.3 million euros.

Founded in 2012, bunq was the first bank in 35 years to obtain a European banking license. For nearly ten years, founder and entrepreneur Ali Nignam (1981) was the main creditor of the company. He invested over a hundred million euros in the stock. In 2021, bunq raised €193 million at a €1.6 billion valuation, the largest Series A round ever raised by a European fintech.

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