FinTech: Dutch Neobank bunq To Raise $190M, Acquire Lending Platform

June 21, 2021 | FinTech, News, Private Equity
https://dailyalts.com/wp-content/uploads/2021/06/Bunq-grab-from-video.png

The funding will value bunq at €1.65 billion (nearly $2 billion).

Dutch digital banking challenger bunq, which offers a completely mobile-based, branch-free banking experience, is to raise €160 million ($190 million) at a €1.65 billion (nearly $2 billion) valuation. Pending regulatory approval, the transaction is an investment from an unnamed UK-based private equity company for 10% of bunq’s equity. As part of the deal, the neobank will also acquire a small business lender from the same investor. (CROWDFUND INSIDER)

bunq

Alin Niknam (pictured below) found bunq in 2012 after obtaining the first European banking permit in over 35 years. Investing €79.9 million in the startup, Niknam embarked on a mission to disrupt legacy banking.

The challenger bank is now present in over 30 European markets and as of May 2021, had deposits over €1,000 million. The app supports Maestro and Mastercard (NYSE: MA).

New initiatives

Back in April, bunq joined the TARGET Instant Payment Settlement (TIPS) service, developed by the European Central Bank, to facilitate instant payments across Europe. It also earned the distinction of becoming the first challenger bank to be a part of the service.

The neobank commenced offering mortgages to Dutch clients in July 2020 and grew its mortgage portfolio by 400% within six months.

Fintech phos, a software solution that turns any Android NFC-enabled device into a POS terminal, also recently inked a deal with bunq, which will implement phos’ solution, enabling customers to replace the physical POS terminals or cash with a software-based POS.

It plans to offer the new feature to its retail merchant customers in various European markets including Belgium, France, Germany, Ireland, Italy, the Netherlands, Portugal, and Spain.

To date, bunq has raised €205M in funding.

Related Story:  Heavyweights Are Match-Making In Global Cards And Payments                                                 

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/03/micheile-henderson-ZVprbBmT8QA-unsplash.jpg
Venture Capital: JMI Closes Oversubscribed Fund XI At $2.4B
March 21, 2023     Latest News, News, Venture Capital

JMI Equity has closed JMI Equity Fund XI and JMI XI Executive Fund with total commitments of $2.4 billion. The oversubscribed fund received strong support from new and existing investors,…

https://dailyalts.com/wp-content/uploads/2023/03/demonstration-g7d8942b57_640.jpg
Alternative Investments/ESG: Fidelity Debuts Climate-Focused, Global Bond ETF In Europe

Fidelity International has launched a new fixed income ETF in Europe, targeting climate-conscious investors. The Fidelity Global Government Bond Climate Aware UCITS ETF is designed to provide exposure to a…

https://dailyalts.com/wp-content/uploads/2023/03/momo-app.jpg
FinTech: Users Can Now Receive Western Union Remittances Into Vietnam’s Highly Popular MoMo App
March 21, 2023     FinTech, Latest News, News

Western Union and MoMo have announced a collaboration enabling MoMo’s 31 million customers to receive Western Union money transfers through the MoMo app. This is the first time Western Union’s…

https://dailyalts.com/wp-content/uploads/2023/03/hands-g148b9b24c_640.jpg
Artificial Intelligence: Accenture Snaps Up India-Headquartered Industrial AI Firm Flutura

Accenture (NYSE: ACN), a global professional services company, has announced its acquisition of Flutura, an industrial artificial intelligence (AI) company based in Bangalore, India. Flutura specializes in industrial data science…