Bunq is a European neobank based in Amsterdam, founded in 2012 with the intention of transforming banking, one of the most traditional sectors in the market, by focusing on placing the user at the center of every transaction. It is currently the second-largest neobank in the EU, with over 14.5 million users, and has had a presence in Spain since 2021.
Since then, it has been gaining market share. Now, to accelerate this growth, it has partnered with Glovo to reach spanish public.
Following the financial crisis of 2008, Ali Niknam, a Dutch entrepreneur and founder of the internet service provider TransIP, set out to revolutionize the traditional banking industry with a new technological approach. To achieve this, he, along with a team of pioneering tech experts, founded Bunq in 2012 with the goal of helping users save time and money through innovative digital banking solutions, by placing their needs and experiences at the center. In 2016, Bunq took a decisive step in its evolution by beginning its expansion across the rest of Europe.
By 2018, Bunq turned its attention to businesses and launched Bunq Premium and Bunq Business, two premium and business account options designed to meet the needs of companies through enhanced features and benefits. Later, in 2020, the fintech introduced various updates and sustainable features (Bunq Travel Card 2.0, Bunq Premium SuperGreen, and Bunq Easy Green), and in 2021, it activated Bunq SuperGreen, a membership that allows users to offset their carbon footprint through their banking activity.
Bunq refers to itself as the “Bank of the Free” highlighting the idea that the future of banking is moving towards a place where customers increasingly seek sustainable options. The company is committed to a green, inclusive, and diverse future for everyone.
One of the measures Bunq employs to promote sustainability is planting a tree for every €1,000 spent by a Bunq user (€100 for Easy Bank Pro XL), through a partnership with Veritree.
In 2021, Bunq achieved unicorn status, becoming a billion-dollar company, thanks to its first investment partner, Pollen Street Capital. In 2023, Bunq expanded its ambitions by applying for a banking license in the United States, marking its entry into the American market.
Currently, in addition to banking and mobile banking services, Bunq offers a wide range of functionalities, ranging from instant payments to personalized savings tools, including:
Bunq places particular emphasis on catering to travelers and digital nomads. As Bianca Zwart explains, “we are very focused on making life easier for digital nomads: people who work remotely, travel the world, and need a bank that supports their borderless lifestyle.
Typically, digital nomads enjoy flexible schedules, have above-average incomes, and are digital natives. They are independent, always seeking new experiences and adventures that help them grow. To empower them and enable them to live the life they want, Bunq listens very carefully to their feedback to build a product they love to use, allowing them to move freely. An international bank that makes them feel local, no matter where they are.”
As part of its expansion strategy, Bunq has entered into a partnership with Glovo, offering exclusive discounts to customers who place orders on Glovo and pay with Bunq cards. Through this collaboration, Bunq users can enjoy a discount of up to €10 on their first three orders, totaling up to €30 in savings.
This partnership, which has been active since September 1 and will continue for the rest of the year, aims to boost Bunq’s market penetration and establish itself as a popular payment alternative on Glovo. The initiative has been successful: since the collaboration began, Bunq has tripled its market share as a payment method on the platform. According to the company, “our users are taking advantage of the three discounts in less than a week on average.”
Bianca Zwart, Chief of Staff at Bunq, stated, “The campaign has been a resounding success. Both Glovo and Bunq are companies with a mission to use technology to simplify people’s lives, and this partnership gave us the opportunity to introduce Bunq to Glovo users, allowing them to experience firsthand the benefits of using a bank that is designed and developed based on their needs and desires.”
Eugenio Corell, Country Manager of Bunq in Spain, explains, “We want our users’ routines to be simple, quick, and transparent, without any complications. Working with Glovo is a privilege. Everyone knows and uses Glovo for one of the best moments of the day.”
Bunq also highlights the potential of Spain as “one of the key destinations for digital nomads from around the world,” making this market significant for the company. However, their ambitions for the coming year extend even further.
“So far, we have seen incredible growth in this country: in 2023, we doubled our customer base, and in 2024, we are on track to achieve similar results. In fact, we have doubled down on our efforts in Spain by expanding our local team and working on product updates that will further enhance the experience for our users in Spain. Our global goals are to expand beyond the EU, primarily into the United Kingdom and the United States, and continue developing the best possible product for our customers,” concludes Bianca Zwart.
Image: Flux Schnell and Bunq
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