Dutch challenger Bunq has become the second largest neobank in the European Union with the acquisition of Belgian fintech Tricount for an undisclosed sum, which will see the firm take on an extra 5.4 million users.
Bunq’s CEO and founder Ali Niknam says: “Tricount’s commitment to simplicity, transparency and community aligns with our own values.”
Headquartered in Belgium, Tricount is a group expense management app that allows users to register and balance their expenses during activities with friends.
Announcing the acquisition, Bunq also unveiled a range of new customer perks and banking features at its Bunq Update 20 event at DeLaMar Theater in Amsterdam.
These include Bunq Jackpot, which gives Dutch, German and French users three chances to win € 10,000 every month, and new personal and business features including account aggregating and community upgrades.
Founded in 2012, Bunq received its official banking license from the Dutch Central Bank (DNB) in 2014 – the first European banking permit to be granted in more than 35 years.
In July last year it raised $ 228 million (€ 193m) in a Series A funding round led by UK private equity firm Pollen Street Capital, valuing the company at $ 1.9 billion.
Niknam was the company’s sole investor until the Series A, financing the company with € 98.7 million of his own money. In April 2021, the company’s deposits surpassed € 1 billion for the first time.
Since that Series A – which Bunq claims was the biggest such round in European fintech history – the company has been on the lookout for potential mergers and acquisitions to fuel its growth.