bunq, the Amsterdam-based digital challenger bank, has partnered with Currencycloud, the experts in simplifying business in a multi-currency world, to deliver a truly international bank account for the post-pandemic era.
Whether getting paid or making a payment, bunq’s multi-currency accounts with enhanced local capabilities will give users the freedom and control to manage, receive and pay funds in different currencies.
Initially bunq customers will benefit from five new currencies, including USD and GBP accounts. These are in addition to the existing Euros accounts that can accept funds via SWIFT and local payment schemes, delivered using the Currencycloud Spark multi-currency ewallet solution.
Ali Niknam, Founder and CEO of bunq, commented: “We are truly excited to launch our ‘Local Currency’ account today. This will bring huge benefits to all bunq personal and business users, giving them the freedom to easily use multiple currencies without ever have to leave the bunq app.”
Nick Cheetham, Chief Revenue Officer at Currencycloud, said: “We have watched bunq go from strength to strength across Europe and we are thrilled to be working with them to expand their offering and reach new markets through the benefits offered by Currencycloud Spark.”
With the ability to hold USD and GBP already integrated, accounts in further currencies will be added in the coming months.
bunq was founded in 2012 by serial entrepreneur Ali Niknam (1981) after he secured the first European banking permit in over 35 years. He set out to radically change the traditional banking industry and was bunq’s sole investor until 2021, financing the company with €98.7m of his own money. This provided bunq with the freedom and independence to build a bank rooted in the wants and needs of its users. In April 2021, their deposits surpassed €1 billion for the first time, having doubled in 2019 and then again in 2020.
In July 2021 bunq announced the largest series A round ever secured by a European fintech. bunq raised €193 million in a deal with British private equity firm Pollen Street Capital, valuing bunq at approximately €1.6 billion. At the same time, bunq also reported its first-ever profitable month. The first investment of external capital will help bunq to further expand across Europe and to continue incorporating M&A as part of its business growth strategy. As part of the deal, bunq acquired Capitalflow, a Dublin-based company which lends to SMEs across a broad range of sectors in the Irish economy.*
For further information please visit bunq.com. *The investment round is pending regulatory approval by De Nederlandsche Bank.
Banks, Fintechs and businesses everywhere can make bigger, better, bolder leaps with Currencycloud. Currencycloud gives businesses the capability to move money across borders, and transact globally in multiple currencies, fast. Experts at what they do, their technology makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business – no matter what industry they’re in.
Since 2012, Currencycloud has processed more than $100bn to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam, Cardiff, and Singapore, Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, US and the EU.
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