bunq, a new bank with 11 million users, recently announced that its annual net profit will reach 53.1 million euros by the end of 2023.。The new Dutch-based bank is currently preparing to enter the UK and has applied for an Electronic Money Institution (EMI) licence from the UK.。

First profit year

In the last quarter of 2023, the company's total revenue soared by 20% and total interest increased by 488%, resulting in a profit.。The new bank also saw a fourfold increase in customer deposits, from €1.8 billion in 2022 to around €7 billion by the end of 2023.。

While 2023 was the first year the Dutch company hit its earnings target, it first turned a profit in the fourth quarter of 2022, when it generated a pre-tax profit of €2.3 million.。

strategic expansion

Meanwhile, it's not the first time new banks have entered the UK market。It operated in the UK right before Brexit and continues to serve existing customers.。EMI license will allow it to solicit new customers again。The company also highlighted an estimated 2.8 million UK digital travellers as its potential customer base.。

Ali Niknam, founder and CEO of bunq, said: "The UK has the second highest number of digital travellers in the world, so naturally we want to enter the UK market as well.。"We want to really make their lives easier, so we're excited to re-introduce Bunq to Brits and allow them to do banking across Europe like locals do."。

"As a bridge between Europe and the rest of the world, the UK is at the forefront of fintech in Europe and a very important market for bunq.。As a true tech company, it makes sense for us to pursue this market。"

Founded in 2012 and based in the Netherlands, Bunq operates across Europe and has obtained a banking license from its home country.。The new bank also applied for a banking licence in the US last year and is now awaiting approval.。