Bunq secures €44m in growth capital

Amsterdam-based neobank Bunq has raised an additional €44 million in growth capital at a €1.65 billion valuation, to help fund its international expansion into markets including the US.

The latest capital injection brings the total capital secured this year by the neobank to nearly €100 million.

Current investors Ali Niknam, who is the founder and chief executive officer of Bunq (pictured), as well as Pollen Street Capital and Raymond Kasiman joined the round and committed to an investment value of €1.65 billion.

Bunq has maintained the valuation it received in 2021, when it raised €193 million in the largest Series A ever raised by a European fintech.

Since then, the neobank has hit nine million users across Europe and recently doubled its deposits in four months, meaning deposits have now surpassed €4.5 billion.

Earlier this year, Bunq applied for a US banking licence, filing a formal application to the Federal Deposit Insurance Corporation.

Niknam said: “It’s been a truly magical year for bunq: we’re rapidly expanding and have seen massive deposit growth.

“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.”