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 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.
Bunq’s hiring strategy focuses on creating flexible job roles to attract employees who align with its target customers, digital nomads. These are remote workers who leverage technology to work from anywhere in the world, moving from place to place without being tied to a single location.
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.
