Dutch neobank Bunq is launching a major hiring spree to boost its workforce by over 70% in 2024, despite the challenges and job cuts in the fintech industry, CNBC reported.

The company is adopting a new strategy to tap into the digital nomad market and expand into the US and UK. Bunq has announced plans to grow its global headcount from 427 to 735 by the end of 2024, as companies like PayPal and Klarna significantly reduce their workforces.

Expanding in a Tough Market

The fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company, which already operates across the EU, mentioned that this hiring drive is crucial to its ambitions to break into the UK and US markets. Bunq is reportedly applying for banking licenses in both regions, aiming to take on established players like Monzo, Revolut, and Chime.

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The company is launching a “tailored digital nomad” program, allowing new hires to work remotely from anywhere in the world. Though it’s embracing the flexibility of remote work, Bunq also plans to retain and expand its physical office presence.

The neobank intends to hire employees across its various locations, including Amsterdam, Sofia, Munich, Istanbul, and New York. Bunq’s hiring spree stands in sharp contrast to the broader fintech sector, where many companies are downsizing to cope with economic headwinds.

Fintech Giants Cut Jobs

The pandemic saw a surge in hiring, but with rising inflation and higher interest rates, many fintechs have struggled to maintain their earlier growth. Coinbase, PayPal, and Klarna are among the companies that have cut thousands of jobs over the past two years.

Early this year, Bunq released its annual financial results, highlighting a profit of €53.1 million. The company’s profitability followed a 20% boost in gross income for the last quarter of 2023, while the gross interest soared 488%. Customer deposits rose from €1.8 billion to €7 billion.