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/2023/09/0deafbe2-9873-4d57-aaaf-ecb37a567e1a__IC21947.jpg
Digital Assets: 1% Of Chileans Sign Up For Worldcoin; Rush Seen In Argentina, Too
September 28, 2023     Digital Assets, News

Worldcoin, the innovative biometric wallet and ID project, is making significant waves in Chile as it surpasses a remarkable milestone. The organization has reported that over 200,000 Chileans have embraced…

https://dailyalts.com/wp-content/uploads/2023/09/1695822001308.jpg
FinTech: Atom Bank And Kamma To Partner For Greening UK Mortgage Assets
September 28, 2023     ESG and Sustainability, FinTech, News, Real Estate

Atom bank and Kamma have formed a significant partnership aimed at addressing the pressing concerns of climate change. This collaboration brings together Atom bank’s cutting-edge banking technology with Kamma’s climate…

https://dailyalts.com/wp-content/uploads/2023/09/0_onaeojfgCZeyNabT.jpg
Venture Capital: Slope, A B2B Solutions Provider Backed By Sam Altman, Scores $30M Funding

Slope, a two-year-old AI startup based in San Francisco, has secured a substantial $30 million equity round led by Union Square Ventures and featuring participation from OpenAI’s CEO, Sam Altman….

https://dailyalts.com/wp-content/uploads/2023/09/32215763362_b62ef08e5f_c.jpg
Artificial Intelligence: Palantir Awarded $250M Contract By US Department Of Defense For AI R&D
September 28, 2023     Artificial Intelligence, Latest News, News

Palantir Technologies Inc. (NYSE: PLTR) has secured a significant contract worth $250 million with the US Defense Department. The primary focus of this contract is the research and development of…