(Boursier.com) — bunq, the second largest neobank in the EU, reached its first full year of profitability in 2023. bunq is the first neobank in the EU to announce a full year of profitability with a net profit of 53, 2 million euros.
At the same time, the total number of transactions almost doubled: monthly bunq transactions increased from 24.6 million to 44.1 million, and total transactions from 295.2 million to 528.4 million.
“bunq continues to attract digital nomads who use it as their main bank for their savings and daily transactions” comments the establishment. Last year, user deposits increased by 287% (from €1.78 billion to €6.92 billion) through 2023. Gross user fee revenue reached 59.45 million euros, an increase of 30% compared to the previous year (45.89 million euros).
Throughout 2023, bunq continued to offer its users competitive remuneration rates, in line with the European Central Bank. The challenger bank’s net interest income increased by 207% (from €41.4 million to €127.1 million in 2023).
Ali Niknam, founder and CEO of bunq, said: “I am incredibly grateful to work with so many amazing people and proud of what we have achieved together: becoming the first neobank in the EU to record a full year of profitability. Not because profit is our main goal, but because this result confirms one of my core beliefs, which is that if you create a product that people love, your business will prosper.”
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