By Aisling Finn on Wednesday 28 April 2021
The challenger bank has seen its user deposits more than double for the second year in a row.
Questions over returning to the office seem a distant thought for Bunq as it looks to put down roots in Cologne, Germany.
The Dutch challenger bank will also be the first neobank outside of Germany to offer its customers the chance to receive a German International Bank Account Numbers (IBAN).
As well as deepening its involvement in Germany, Bunq also saw its customer deposits top €1bn, with the amount of money being deposited in Bunq accounts more than doubling for the second year in a row.
In 2019, user deposits grew from €211m to over €433m, only to more than double again a year later.
“With a local account number, our German members can get the full bunq experience!”
The Single Euro Payments Area (SEPA) regulation, published in 2012 and effective from 2014, states that businesses in the EU have to accept any bank account number, regardless of which EU country it is from.
However, some IBANs are not being treated equally, with some companies illegally refusing to accept certain IBANs from SEPA-supported bank accounts, directly violating the law.
Bunq users will be able to use the German IBAN accounts for all payments, direct debits and receive their salaries without worrying about IBAN discrimination.
The move will give Bunq’s users access to instant payments with banks both in its native Netherlands, but also across Europe too.
Bunq is also still helping its customers to go carbon neutral, having planted 2.8m trees on their behalf in partnership with the Eden Reforestation Project.