FinTech: Dutch Challenger Bank bunq Pivoted To A Profit In Q4 Of 2022

February 22, 2023 | FinTech, News

10-year old bunq is the second largest neobank in the EU.

Bunq, the second largest neobank in the European Union, has achieved a significant milestone by reporting a pre-tax profit of €2.3 million in the final quarter of 2022. This achievement marks the first time the challenger bank has recorded a quarterly profit and is expected to fuel its future growth and expansion as it aims to become the world’s first neobank for location-independent people and businesses.

Bunq’s success can be attributed to its service-oriented business model, which places its users’ needs at the forefront of its operations. This approach has resulted in a 37% increase in net fee income and a 64% growth in user deposits to €1.8 billion by the end of 2022 compared to the same period in 2021. Bunq has described this performance as “structural profitability.” (FINANCE MAGNATES)

Ali Niknam, the founder and CEO of bunq, expressed his pride in the neobank’s ability to achieve profitability just a decade after its inception. He stated that the company’s user-centered philosophy has been key to its financial success, as it has created a business that only thrives when its users are happy.

Bunq reported break-even at the end of December 2021, and since then, the neobank has been focused on investing its operating profit in innovation, product development, and international expansion, paving the way for future growth and success.

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