Bunq brings local currencies to Europe with rollout of multi-IBAN accounts

By Oliver Smith on Tuesday 26 October 2021

Digital Banking

Get paid like a local in dollars, pounds, francs, Lev or złotys, regardless of where you live.

Bunq brings local currencies to Europe with rollout of multi-IBAN accounts
Image source: Ali Niknam/Bunq.

Dutch neobank Bunq is today launching ‘local currencies’, a new account feature that lets users receive, convert, hold and spend multiple currencies.

While multi-currency accounts are nothing new, Bunq’s unique take is to offer multiple local IBANs along with those accounts, regardless of where a user is based.

So starting today users can store US dollars, British pounds, Swiss francs, Bulgarian Lev and Polish złotys regardless of where in Europe they live—with more currencies coming later this year.

“This will bring huge benefits to all Bunq personal and business users, giving them the freedom to easily use multiple currencies all in one app,” said Ali Niknam, CEO and founder of Bunq.

The addition of local European IBANs, regardless of residency, is a digital banking first, and means users can be paid like a local wherever they live and without having to set up a local bank account.

Earlier this year Bunq raised €193m in its first Series A funding round led by Pollen Street Capital and at a valuation of €1.6bn.

Since then the firm has been dramatically expanding its hiring, led by new chief operating officer Jon Fath from Transmetrics.

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

Last month Bunq launched in Spain, where it first trialled its multi-IBAN accounts, and in March 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.

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