Bunq Achieves First FY Profitability, Eyes UK Expansion

Dutch neobank Bunq is planning its UK re-entry after recording its first full year of profitability.

Bunq, which describes itself as the first global neobank for location-independent people and businesses, posted a net profit of €53.1 million in 2023. The firm plans to use the money for global expansion.

Currently awaiting a banking permit in the US, it is now applying for a UK E-Money Institution licence. The firm already serves UK users acquired pre-Brexit under relevant regimes but now wants to "re-plant its flag" and target an estimated 2.8 million British digital nomads.

"The UK is home to the second-highest number of digital nomads globally, so naturally, we want to be there", says Ali Niknam, CEO, bunq. "We want to truly make their life easy, that’s why we’re excited to reintroduce bunq to the Brits and enable them to bank like a local all across Europe."

(Source: Finextra)