Bunq, an Amsterdam, The Netherlands-based challenger bank, raised $228m in funding.
The round, which is still pending regulatory approval by De Nederlandsche Bank and brought the company’s valuation to approx. $1.9 billion, was led by Pollen Street Capital.
The company intends to use the funds to continue to expand operations and its business reach via organic growth and M&A. Bunq also bought Irish lending company Capitalflow Group from Pollen Street, reportedly for nearly €141M.
Capitalflow is a digital specialist business lender providing three core products – invoice discounting, asset finance (hire purchase, leasing & re-financing), and commercial property finance.
Founded in 2012 and led by Ali Niknam, founder and CEO, bunq is a challenger bank that offers users instant payments with participating banks in 30 European markets including the Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Romainia, Slovakia, Slovenia, Sweden, the United Kingdom and Norway and Iceland..
bunq’s latest publicly available number of user deposits exceeds €1 billion based on the deposits in May 2021.