Bunq exceeds €1 billion in user deposits

Dutch neobank bunq hits the billion mark in deposits and is offering German account numbers for the first time.

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According to the Financial Times, Bunq is the fastest growing online bank in Europe. The deposits double annually and have just passed the 1 billion euro mark. At the beginning of this year, Bunq opened an office in Cologne.

With the introduction of German account numbers, customers living in Germany will in the future be able to use all account functions without IBAN discrimination. Payments, direct debits and incoming salaries were previously only possible with a Dutch account number. 

This impaired payment transactions with German institutions, although EU legislation stipulates that all accounts from SEPA countries should have equal rights.

Bunq makes digital account management now even easier for users, as the account numbers are accepted for all payment transactions.

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Ali Niknam, CEO and founder of bunq, said: “We’re so happy that our users trust us with their daily lives and keep on using the features that make their lives easy. With a local account number, our German members can get the full bunq experience!”

However, the German IBANs are just the beginning – bunq’s future plans include offering local IBANs in other countries based on reports and feedback gathered from members.

bunq has also planted a record amount of 1 million trees for their users over the past 4 months. The challenger bank is offering a variety of products to let their users become CO2 free in under 2 years.