Dutch challenger bank Bunq secures $228m Series A investment
Netherlands-based challenger bank Bunq has raised $228 million in its Series A funding round led by UK private equity firm Pollen Street Capital.
Ali Niknam, founder and CEO of Bunq
The new funding takes Bunq’s total valuation to $1.9 billion, according to TechCrunch.
TechCrunch reports that as part of the deal, the bank will also acquire lending company Capitalflow Group to fuel its growth strategy. The Irish firm is currently owned by Pollen Street Capital.
Bunq founder and CEO Ali Niknam also contributed more of his own money to the round.
Founded in 2012, Niknam was originally the firm’s sole investor, and he has invested over $100 million into the company prior to this latest funding round.
In an interview with FinTech Futures, Niknam said he set up the bank to “contribute to the common good” following the global financial crisis.
The challenger received its official banking licence from the Dutch Central Bank (DNB) in 2014 – the first European banking permit to be given in over 35 years.
The bank’s app is now available in 30 European markets and has surpassed $1 billion in user deposits since its official launch in 2015.
