The growth capital funding valued bunq at €1.65 billion in the face of challenging market conditions.

Despite a downturn in the market, bunq has managed to secure €44.5M in growth capital, adding up to a total of almost €100M in funding raised this year. The significant injection of fresh capital enables the mobile bank, currently the second largest neobank in the EU, to push forward with its international expansion plans and sustain its rapid growth. Notably, existing investors Ali Niknam, Pollen Street Capital, and Raymond Kasiman showed confidence in the company’s potential by participating in the funding round, valuing the neobank at €1.65 billion.

bunq had an exceptional year, achieving a milestone of 9 million users across Europe and doubling its user deposits within just four months, surpassing €4.5 billion in total deposits. It also achieved its first net profit in the last quarter of 2022, and anticipates its first full year of profitability in 2023. (bunq)

Back in 2021, the fintech raised €193M in its series-A funding, setting a European record for the largest funding round in that category.

Founder and CEO, Ali Niknam said the deposit growth encouraged the company to “double down” on its momentum and enhance its growth potential.

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