In 2020, online bank Bunq made a loss of nearly 13.5 million euros. This does not mean the Fintech is doing badly, though, as the company's income from deposits made by their clients increased to approximately 1.1 billion euros in 2021. Bunq is a mobile start-up with a banking license in the Netherlands. The company created an app which connects online banking with social activities as can be found in an application like WhatsApp. The app is connected to the contact list on one's mobile phone. After depositing money from your bank account on the account of Bunq it is then possible to use the application to send payment requests to your friends, to app them money or to make special chat groups.
Cash is becoming less important for P2P payments in the Netherlands
Total person-to-person (or P2P) transactions reached nearly 800 million in 2017, with a total value of approximately 20 billion euros. Of these payments, 72 percent were made in cash. 22 percent were done by electronic means such as online and mobile transfers. This was different, however, for young adults between 19 and 24 years old in 2020. 62 percent of all their P2P transactions were done via online banking, mobile apps or other electronic means. The source adds that electronic payments saw an increase across all age groups, as more people owned a smartphone.
What are Bunq’s competitors in the Netherlands?
Besides Bunq, the Netherlands has different apps than can be used to split a bill between friends or to pay a monthly rent. Examples are iDEAL, Tikkie, ING, Rabo or Knab. Tikkie, in particular, (an app from Dutch bank ABN AMRO which combines the domestic online payment method/bank transfer system iDEAL with WhatsApp) became popular in recent months, with almost one-third of all 20-to-29-year-olds now having this app on their smartphone. The online banking apps of ING and Rabobank both ranked among the top 20 smartphone apps with the highest reach in the country.
Net profit/loss of fintech bank Bunq from 2017 to 2021
(in 1,000 euros)
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Bunq. (June 30, 2022). Net profit/loss of fintech bank Bunq from 2017 to 2021 (in 1,000 euros) [Graph]. In Statista. Retrieved December 09, 2022, from https://www.statista.com/statistics/916083/net-profit-of-bunq/
Bunq. "Net profit/loss of fintech bank Bunq from 2017 to 2021 (in 1,000 euros)." Chart. June 30, 2022. Statista. Accessed December 09, 2022. https://www.statista.com/statistics/916083/net-profit-of-bunq/
Bunq. (2022). Net profit/loss of fintech bank Bunq from 2017 to 2021 (in 1,000 euros). Statista. Statista Inc.. Accessed: December 09, 2022. https://www.statista.com/statistics/916083/net-profit-of-bunq/
Bunq. "Net Profit/Loss of Fintech Bank Bunq from 2017 to 2021 (in 1,000 Euros)." Statista, Statista Inc., 30 Jun 2022, https://www.statista.com/statistics/916083/net-profit-of-bunq/
Bunq, Net profit/loss of fintech bank Bunq from 2017 to 2021 (in 1,000 euros) Statista, https://www.statista.com/statistics/916083/net-profit-of-bunq/ (last visited December 09, 2022)