Dutch bank enters competitive UK challenger bank market
Dutch challenger bank bunq has made its official launch in the UK.
Its latest launch follows entries into Germany, Austria, Italy, Spain, France, Ireland and Belgium.
British users can now download the app, which promises the range of budgeting, currency exchange and security features which have become standard in the space, alongside a Travel Card and business banking options.
Founded in 2012 and launched in 2015 by Ali Niknam, the entrepreneur secured the first European banking permit in over 35 years.
In his twenties Niknam founded TransIP, which grew to be the biggest domain name and web hosting provider of the Netherlands. As its sole investor, Niknam invested €44.9m in the firm.
Its latest publicly available number of user deposits is €211,152,900, based on the deposits in December 2018. Over 2018, the deposits doubled and the bank states that it is increasing every day.
bunq is the first Dutch bank to partner up with TransferWise, which allows users to choose any of its 39 currencies when making a payment.
The firm claims its Travel account calculates the true exchange rate of purchases in foreign currencies, resulting in savings of up to 3 per cent.