Bunq hits 9 million users in Europe, doubles deposits in four months

Amsterdam-based Bunq has surpassed 9 million users and more than €4.5bn in deposits as it launches new cashback and savings interest options.

The EU’s second-largest neobank after Revolut, Bunq hit €2bn in deposits back in March and after ending 2022 on a quarterly profit of €2.3m, it predicted year-long profitability for 2023.

Bunq CEO Ali Niknam sat down with AltFi last month to share his thoughts on a forecasted full year of profitability for the challenger and the impressive rate of growth it has seen across Europe.

Now the bank has doubled its deposits in just four months and seen its user base go from 5.4 million to 9 million in a little over a year.

In response to user demand, the bank has launched up to 2 per cent cashback and 3.71 per cent interest on USD and GBP to help its location-independent users.

“At bunq we're building the first global neobank for digital nomads,” Niknam told AltFi.

“In doing so, we carefully listen to their wants and needs. Our research showed that cashback is the number one requested feature, so we dove in and started developing that. 

“Today we’re launching a unique feature by European standards: 2 per cent cashback on public transportation and 1 per cent on restaurants and bars. We expect our users to love this.”

Alongside the cashback and higher interest rates, which it hopes will help enhance a “borderless experience” for its users, Bunq is also launching CO2 insights allowing users to see the footprint of their purchases to monitor the impact they have on the environment.

“We’re incredibly happy to see so many users across Europe choosing bunq as their day-to-day bank and entrusting us with their savings. Let’s see what the future will bring!” Niknam added.