European neobank bunq just dropped jaws with a staggering 65% profit surge to €85.3 million in 2024. The second-largest neobank in Europe isn’t just raking in cash – it’s plotting its American takeover with broker-dealer license applications and plans for U.S. banking services. With 17 million users and €8 billion in deposits, bunq’s building quite the war chest. The full story of this digital banking upstart’s meteoric rise tells an even more intriguing tale.
European neobank Bunq is on a tear, posting an eye-popping €85.3 million in net profits for 2024 – a staggering 65% jump from the previous year.
Digital banking upstart Bunq shatters expectations with massive €85.3M profit surge, proving fintech disruptors mean serious business in 2024.
The digital bank’s net operating income surged to €245.3 million, marking a 52% increase that has traditional bankers clutching their pearls.
Who knew a mobile-first approach could be so lucrative?
The numbers tell a compelling story.
With more than €8 billion in customer deposits and 17 million users across Europe, Bunq has muscled its way to become the continent’s second-largest neobank.
Their secret sauce? A laser focus on digital nomads, expats, and remote professionals who need banking services that work wherever they roam.
Not content with European dominance, Bunq is now setting its sights on American soil.
The neobank has kicked off its U.S. invasion with a broker-dealer license filing in early 2025.
Founded by Ali Niknam, Bunq made history as the first bank in 35 years to obtain a European banking permit.
It’s just phase one of their master plan – they’ll be back for a full banking license later this year.
Their target? Nearly 5 million digital nomads and expats with transatlantic connections.
The bank withdrew its initial U.S. banking application in last February due to regulatory complexities.
The profitable streak isn’t just for show.
Understanding the distinction between cash flow and profit has helped Bunq maintain strong financial health while expanding.
Bunq is plowing those earnings right back into expansion and innovation.
Their systems, built from scratch, have given them a competitive edge in operational efficiency.
High interest rates didn’t hurt either, padding their profits nicely through central bank deposits.
For U.S. customers, Bunq is cooking up a feast of financial services – debit cards, stocks, and ETFs, all wrapped in their signature mobile-first experience.
And yes, there’s FDIC protection up to $250,000 for the cautious types.
They’re joining an elite club of profitable European neobanks, alongside Starling and OakNorth.
The message is clear: Bunq isn’t just another fintech flash in the pan.
With their mix of rising profits, operational efficiency, and ambitious expansion plans, they’re showing the banking world that sometimes, the new kids on the block know exactly what they’re doing.
