Bunq touches down in Spain as it dips into record-breaking Series A pot of cash

By Aisling Finn on Wednesday 1 September 2021

Digital Banking

The digital bank is also rolling out a new feature to allow customers to add IBANs from multiple European countries to their accounts all in its app.

Bunq touches down in Spain as it dips into record-breaking Series A pot of cash
Image source: Ali Niknam/Bunq.

After moving into new European markets over the last year, Bunq has just touched down in another.

The Dutch challenger bank has hopped over to its Iberian neighbours and touched down in Spain, giving Spanish customers full access to its host of products.

As of yesterday, all new and existing users in Spain can now receive a Spanish IBAN, giving them access to all of Bunq’s digital banking services.

Spanish Bunq users will also be able to add IBANs from other European countries to their bunq app, allowing them to seamlessly travel across Europe without any hassle.

“At Bunq, we’re constantly thinking about new ways to make life easier for people. When potential users tell us something that’s important to them, we build it!” Ali Niknam, CEO and founder of Bunq, said.

“More IBANs and more currencies means more opportunity for our users to bank like a local.”

The digital bank rolled out the new features after 70 per cent of its customers admitted that access to multiple IBANs and currencies were very or extremely important to them when choosing where to bank.

Earlier this year, Bunq added French and German IBANs to its growing list, with Spain just being the next destination on its European adventure.

Back in July, Bunq also closed its first external fundraise, taking home a massive €193m Series A and a €1.6bn price tag to go along with it.

As part of the funding round, Bunq also made its first acquisition in Capitalflow Group, an Ireland-based lender to help the digital bank branch out into SME lending, although Bunq will stay in Capitalflow’s native market, Ireland, for now.

The acquisition of Capitalflow will also help Bunq continue on its profitability path, first reaching profitability in April 2021 on its own accord, with Niknam expecting Bunq to continue on the same trajectory.

Reaching profitability was not the only milestone Bunq hit in April 2021. The digital bank also saw its user deposits top €1bn, more than doubling on the year before.

Bunq has also put down roots outside its native Amsterdam, opening offices in Rotterdam and Cologne, Germany in the last six months.

In March 2021, Bunq became the first fintech to join the TARGET Instant Payment Settlement network developed by the European Central Bank, giving its users access to instant payments with banks both in its native Netherlands, but also across Europe too. 

Not one to just focus on one task at once, Bunq has also been on a hiring spree. Jon Fath, the former CEO of logistics automation group Transmetrics, has been named as the new chief operating officer of digital bank Bunq.

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