Bunq’s Gross User Fee Income Increases 76% in 2021

Bunq, one of the fastest-growing neo banks, announced its financial results for 2021 today. Gross user fee income for the reported period touched €32.7 million, which is 76% higher compared to €18.5 million in 2020.

Net fee income reached the figure of €23.1 million. Despite a challenging environment across the global economy, Bunq witnessed a decent rise in the total number of customer deposits as the number increased from €813 million in 2020 to over €1.1 billion in 2021.

“As a completely self-funded bank up until 2021, we always retained the freedom and independence to align our commercial reality with the happiness of our users. It enabled us to focus on building the bank of The Free rather than be distracted by instant profits. It allowed us to show the world that user happiness, sustainability and growth aren’t competing factors, but compounding forces. In 2021, we found a kindred spirit in Pollen Street Capital. They are an investor specialized in the financial industry and became a shareholder in bunq’s first round of investment,” the fintech firm highlighted in its recent report.

Last year, Bunq raised $228 million in its Series A funding round. With a valuation of approximately $1.9 billion, Bunq is one of the most valuable European fintech companies.

Europe

Europe is a hub for some of the world’s most innovative financial technology firms, including neo banks. Bunq expanded its presence across different countries within the EU region last year. Earlier this year, the company entered the Irish market.

“Bunq has continued to leverage a green impact through both personal and business banking products. By the end of 2021, the bunq community had planted 5.5 million trees. Moreover, the company managed to reduce its CO2 impact per FTE from 0.96 tCO in 2020 to 0.88 tCO in 2021,” the company added.