Net profit of Bunq 2016-2018

In 2018, online bank Bunq made a loss of over ten million euros. The source mentions that the company founder invested some of his own money to compensate for the losses. This does not mean the Fintech is doing badly, though, as the company's income from deposits made by their clients increased to approximately 211 million euros in 2018. 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 2018. 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. Finally, online-only bank Knab also saw use in the Netherlands as can be seen from its number of client accounts between 2012 and 2018.

Net profit of Fintech bank platform Bunq from 2016 to 2018

Net profit in million euros
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Sources

Release date

July 2019

Region

Worldwide, Netherlands

Survey time period

2016 to 2018

Supplementary notes

The figures have been taken from several publications.

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Statistics on "Fintech in the Netherlands"

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