Bunq hits €2bn in user deposits

Amsterdam-based Bunq has surpassed €2.3bn in user deposits.

After announcing its first quarterly profit last month, the neobank revealed that its balance sheets are up 91 per cent year-over-year.

Bunq ended 2022 with a quarterly profit of €2.3m, and said it expects to continue turning a profit throughout 2023.

“I’m so glad to see more and more people across Europe entrust their savings to Bunq,” Bunq founder and CEO Ali Niknam said.

“In everything we do, we strive to make their lives easy — and with our new update, digital nomads will be able to easily manage their finances to budget, bank on the go and achieve their financial goals.”

Alongside sharing the news of nearly doubling its user deposits in the last year, bunq revealed a number of new features at its Update 22 event.

Users will now be able to automatically enable or disable cards while travelling based on their location, create multi-currency group expenses and make customised spending categories to generate even more personalised spending insights.

Bunq is also raising savings interest rates for new users in Germany to 2.55 per cent (for the first four months they bank with Bunq).