The challenger financial institution has seen its consumer deposits greater than double for the second 12 months in a row.
Picture supply: Ali Niknam/Bunq
Questions over returning to the workplace appear a distant thought for Bunq because it appears to be like to place down roots in Cologne, Germany.
The Dutch challenger financial institution may even be the primary neobank outdoors of Germany to supply its clients the prospect to obtain a German Worldwide Financial institution Account Numbers (IBAN).
In addition to deepening its involvement in Germany, Bunq additionally noticed its buyer deposits prime €1bn, with the sum of money being deposited in Bunq accounts greater than doubling for the second 12 months in a row.
In 2019, consumer deposits grew from €211m to over €433m, solely to greater than double once more a 12 months later.
“We’re so completely happy that our customers belief us with their day by day lives and carry on utilizing the options that make their lives straightforward,” Ali Niknam, CEO and founding father of bunq, mentioned.
“With a neighborhood account quantity, our German members can get the total bunq expertise!”
By providing its clients the prospect to get a German IBAN, Bunq is hoping to negate the current spout of IBAN discrimination sweeping Europe.
The Single Euro Funds Space (SEPA) regulation, printed in 2012 and efficient from 2014, states that companies within the EU have to simply accept any checking account quantity, no matter which EU nation it’s from.
Nevertheless, some IBANs aren’t being handled equally, with some firms illegally refusing to simply accept sure IBANs from SEPA-supported financial institution accounts, immediately violating the legislation.
Bunq customers will be capable of use the German IBAN accounts for all funds, direct debits and obtain their salaries with out worrying about IBAN discrimination.
Earlier this 12 months, Bunq grew to become the primary fintech to affix the TARGET On the spot Fee Settlement community developed by the European Central Financial institution.
The transfer will give Bunq’s customers entry to instantaneous funds with banks each in its native Netherlands, but in addition throughout Europe too.
Bunq can also be nonetheless serving to its clients to go carbon impartial, having planted 2.8m timber on their behalf in partnership with the Eden Reforestation Undertaking.