Dutch neobank bunq has raised €44.5 million in growth capital at a €1.65 billion valuation, bringing its total funding for the year to €100 million.
Current investors founder Ali Niknam, Pollen Street Capital and Raymond Kasiman joined the round for Europe's second largest neobank.
The valuation is the same as when the company closed a €193 million Series A in 2021 - despite the recent market downturn.
New of the funding comes day after bunq revealed that it grew its user base from 5.4 million to nine million in just over a year. In the last four months, the neobank doubled its user deposits to €4.5 billion.
Ali Niknam, CEO, bunq, says: "With more and more people entrusting their money to us, we’re convinced that we should double down on our momentum and cement the way forward for future growth."
The news was overshadowed by a legal spat between Niknam and primary investor Pollen Street Capital, which had threatened to back away from its investment commitment unless Bunq agreed to a slower growth plan and explored the sale of its Capitalflow unit. Niknam asked the court to honour the prior agreement based on a short email from a Pollen Street partner. The court dismissed the claim, but Pollen Street went ahead and invested anyway.