Bunq, EU's second-largest neobank, hits 9 million customers

Bunq, a Netherlands-based neobank has been scaling rapidly across Europe; hitting nine million customers. It is the second largest neobank in the European Union after Revolut. Earlier in the week, it introduced cash back and savings bonuses as it strives to record a full year of profitability.

Bunq’s growth

Bunq has been scaling rapidly across Europe. Indeed, it has grown to 9 million registered users; up from 5.4 million in just over a year. Furthermore, its user deposits have doubled within a span of four months to over 4.5 billion euros. In April, it also applied for a US banking license with FDIC as it seeks to enter the US market.

In its efforts to expand across Europe and beyond, Bunq has introduced cash-back and savings bonuses to benefit digital nomads. In a press release on Tuesday, the company announced the offering of 1% cash back on foods and drinks to the Easy Green and Easy Money users. This is in addition to the 2% cash back on transportation for the Easy Green users.

Additionally, Bunq’s business users will enjoy 3.71% interest on British pounds and US dollars and 2.3% on other currencies. According to the company, this is an apt way for the “location-independent users to grow their savings in whichever currency they prefer”.

Earlier in the year, the neobank reported its Q4’22 earnings; marking its first quarterly profit. In fact, it was the first neobank in the EU to report a quarterly profit after being in operation for about a decade.

It broke even in December 2021, less than a decade since its launch in 2012. During the aforementioned quarter, its net fee income rose by 37% YoY. Besides, its user deposits increased to 1.8 billion euros by the end of 2022 compared to 1.1 billion euros at a similar period in the previous year.