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Bunq plans to reboot its UK offering in 2024

“The UK is a key market for us” said Bunq CEO Ali Niknam

Bunq CEO Ali Niknam

Ali Niknam / Bunq

After ceasing new UK customer sign-ups at the end of 2020 due to Brexit, Dutch neobank Bunq now plans to reopen UK applications next year.

In November a new subsidiary, Bunq UK Ltd, was incorporated at Companies House, with the company saying it is part of a plan to start growing in the market again.

“Being both a hotspot for digital nomads and home to many Brits pursuing a digital nomad lifestyle, the UK is a key market for us,” Bunq CEO Ali Niknam told The Standard.

“Plus, it’s amazing to see the UK’s push to embrace fintech. Therefore we are actively looking into new ways to enable UK users to sign up for bunq once again.”

The neobank has over 9 million users in Europe and more than €4.5bn in deposits, making it the EU’s second-largest challenger bank after Revolut.

After turning a profit in Q4 2022, the bank is currently on track for a full year of profitability in 2023.

Bunq was entirely self-funded until 2021 when it raised a €160m funding round at a €1.65bn valuation.

This year the bank managed to maintain that price tag securing a €44.5m funding round, despite disagreements between Niknam and investor Pollen Street Capital.

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Ali Niknam

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