As part of neobank bunq’s Update 22 event taking place at Amsterdam’s DeLaMar Theater and, of course, livestreaming, the company has revealed that user deposits have risen to €2.3 billion, a figure up 91% year-over-year. The bank cleared €1 billion in deposits in April of 2021.
The announcement arrives less than a month since bunq claimed to be the first European neobank to report a quarterly profit, specifically, a pre-tax profit of €2.3 million over the last quarter of 2022.
In the last quarter of 2022, bunq’s net fee income grew by 37% year over year and user deposits grew by 64%, to €1.8 billion at the end of 2022.
In addition to a host of new features rolled out at the event, beginning tomorrow, bunq users in Germany will be treated to a record-high interest of 2.55% for the first four months they bank with bunq. After this introductory rate, German bunq bankers will see this rate drop to 1.56%.
As a reminder, bunq’s first and only external funding, €168 million was provided by Pollen Street Capital, which saw the company achieve a valuation (at the time) of €1.6 billion.