Dutch neobank bunq has hit nine million customers and attracted over €4.5 billion in deposits as it lays the ground for its full year of profitability with the roll out of new cashback and multi-currency savings products.
Billing itself as the EU's second-largest neobank after Revolut, bunq grew its user base from 5.4 million to nine million in just over a year, with 50% of its user base directly contributing to the company’s revenue through subscription fees and interest income. In the last four months, the neobank doubled its user deposits, now standing at €4.5 billion.
Designed for location independent digital nomads, bunq is now offering customers 3.71% interest on savings accounts in USD and GBP, as well as one percent cashback on card-based spending on food and drinks to all users of its Easy Money and Easy Green subscription plans. Easy Green users will also earn two percent back on spending on public transportation.
Bigging up its green credentials, bunq is also introducing a way for users to track the CO2 footprint of their transactions and is reinforcing its pledge to plant at least five million trees each year. Furthermore, users will now be able to see and follow the impact of bunq’s reforestation efforts through a dedicated dashboard, bunq’s Impact Hub.
The challenger turned its first operational profit in June last year and logged its first quarterly profit in February.