According to Reuters, the company’s CEO, Ali Niknam, said his bank is attracting depositors in Europe following jitters sent by the collapse of SVB in the United States.

“When things are bad, that’s the best time for us”, Niknam told Reuters. “That’s when people reconsider their choices, which is precisely the moment we need to get a foot in the door”.

bunq BV’s CEO said the bank’s US target audience would be the European diaspora, consisting of five million expatriates.

“Speaking from a personal experience, getting a bank account in the US as a European citizen is a headache”, Niknam told Reuters.

History of bunq BV

bunq is a neo-bank founded in 2013, providing online banking services to its clients through a mobile app. The bank enables users to open accounts, split bills, request money from friends and make payments.

The bank garnered speed on the European banking scene following its expansion to Germany and Austria in March 2017.

“We are the bank you add to enrich your life with all kinds of unique applications. Daily routines become smarter and more fun as we’re offering short cuts for existing services”, is how Niknam described his company back then. “Think of it like WhatsApp. It simplified the way we communicate. We believe that everybody should be able to enjoy bunq. Launching our app in Germany and Austria brings us one step closer to that dream.”

In 2021, bunq BV became a unicorn company following a $210m Series A funding round, which led to a valuation of $1.75bn. During the same year, bunq BV reported growth in revenues and customer deposits, with its customer deposits going from $887.8mn per year-end 2020 to nearly $1.21bn per year-end 2021.

Overall, bunq BV reported $25.01mn in total revenues and incomes in 2021, with the net result and other comprehensive income floating at around $14.68mn.