Dutch challenger
financial institution, Bunq, which describes itself because the second largest neobank within the European
Union area, has reported its first quarterly revenue. The challenger financial institution
generated a pre-tax revenue of €2.3 million throughout the fourth quarter of 2022.
Bunq in a press
assertion on Tuesday reported that it has reached “structural profitability,” including that the increase in revenue will gasoline its continued development and growth. The
profitability got here months after the corporate, which was based in 2012, broke
even for the primary time in December 2021.
Moreover, Bunq
disclosed that its web price revenue elevated 37% between September and
December 2022 as in comparison with the identical interval in 2021. In 2021, the challenger
financial institution’s web price revenue got here in at €23.1 million.
As well as, the
Dutch neobank’s consumer deposits shot up 64% to €1.8 billion on the finish of
2022. The deposits on the finish of 2021 stood at over €1.1 billion, having jumped from
€813 million within the prior yr.
Hold Studying
Talking on the brand new
report, Ali Niknam, Bunq’s Founder and Chief Govt Officer, said that the
firm’s “service-oriented” enterprise mannequin has confirmed worthwhile simply 10 years
after its founding. Niknam based Bunq after securing the primary
European banking allow in over 35 years. He was Bunq’s sole investor till
2021. He personally financed the challenger financial institution with €98.7 million till two
years in the past.
In July 2021, the
Dutch challenger financial institution secured €193 million from a Sequence A funding spherical led by the British
non-public fairness agency Pollen Road Capital. The corporate described the fund as
the biggest collection A spherical ever secured by a European fintech . The deal was valued at about €1.6 billion on the time.
Fintech Funding
Slashed by Nearly Half in 2022
Bunq’s first
quarterly revenue follows a tumultuous 2022 that noticed some fintech companies
exit the trade. In April 2022, the checkout startup Quick, which beforehand
raised over $102 million, shut down its enterprise, citing gradual development and excessive
money burn. One other US-based startup, Nirvana Cash, packed up solely 22 days after launching.
Furthermore, different startups closed down their providers in 2022, together with the German carbon-accounting startup ,
Planetly, the UK challenger banking app, Dozens and Australia’s first on-line financial institution, Volt Financial institution.
Moreover, world fintech
funding suffered in 2022 as funding into fintech slumped by nearly half (46%) to $75.2
billion. Based on CB Insights’ 2022 State of Fintech Report, throughout the
final quarter of the yr, the trade generated $10.7 billion in funding,
which is its lowest quantity since 2018.
Dutch challenger
financial institution, Bunq, which describes itself because the second largest neobank within the European
Union area, has reported its first quarterly revenue. The challenger financial institution
generated a pre-tax revenue of €2.3 million throughout the fourth quarter of 2022.
Bunq in a press
assertion on Tuesday reported that it has reached “structural profitability,” including that the increase in revenue will gasoline its continued development and growth. The
profitability got here months after the corporate, which was based in 2012, broke
even for the primary time in December 2021.
Moreover, Bunq
disclosed that its web price revenue elevated 37% between September and
December 2022 as in comparison with the identical interval in 2021. In 2021, the challenger
financial institution’s web price revenue got here in at €23.1 million.
As well as, the
Dutch neobank’s consumer deposits shot up 64% to €1.8 billion on the finish of
2022. The deposits on the finish of 2021 stood at over €1.1 billion, having jumped from
€813 million within the prior yr.
Hold Studying
Talking on the brand new
report, Ali Niknam, Bunq’s Founder and Chief Govt Officer, said that the
firm’s “service-oriented” enterprise mannequin has confirmed worthwhile simply 10 years
after its founding. Niknam based Bunq after securing the primary
European banking allow in over 35 years. He was Bunq’s sole investor till
2021. He personally financed the challenger financial institution with €98.7 million till two
years in the past.
In July 2021, the
Dutch challenger financial institution secured €193 million from a Sequence A funding spherical led by the British
non-public fairness agency Pollen Road Capital. The corporate described the fund as
the biggest collection A spherical ever secured by a European fintech . The deal was valued at about €1.6 billion on the time.
Fintech Funding
Slashed by Nearly Half in 2022
Bunq’s first
quarterly revenue follows a tumultuous 2022 that noticed some fintech companies
exit the trade. In April 2022, the checkout startup Quick, which beforehand
raised over $102 million, shut down its enterprise, citing gradual development and excessive
money burn. One other US-based startup, Nirvana Cash, packed up solely 22 days after launching.
Furthermore, different startups closed down their providers in 2022, together with the German carbon-accounting startup ,
Planetly, the UK challenger banking app, Dozens and Australia’s first on-line financial institution, Volt Financial institution.
Moreover, world fintech
funding suffered in 2022 as funding into fintech slumped by nearly half (46%) to $75.2
billion. Based on CB Insights’ 2022 State of Fintech Report, throughout the
final quarter of the yr, the trade generated $10.7 billion in funding,
which is its lowest quantity since 2018.
