bunq Closes 2023 with €53 Million in Profit, Applies for UK License

<p dir="ltr">bunq, a neobank with 11 million users, ended 2023 with a net annual profit of €53.1 million, the company announced today (Tuesday). The Netherlands-headquartered neobank is now eying to enter the United Kingdom and has applied for an E-Money Institution (EMI) license in the country.</p><p dir="ltr">The First Profitable Year</p><p dir="ltr">The profitability of the company came as its gross income jumped 20 percent in the last quarter of 2023, while the gross interest increased 488 percent. The customer deposits in the neobank also escalated fourfold, from €1.8 billion in 2022 to about €7 billion at the end of 2023.</p><p dir="ltr">Although 2023 was the first year for the Dutch company to hit the profitability target, it first became <a href="https://www.financemagnates.com/fintech/bunq-second-largest-neobank-in-eu-reports-first-quarterly-profit/">profitable in the fourth quarter of 2022</a> when it generated a pre-tax profit of €2.3 million.</p><blockquote><p lang="en" dir="ltr">Swipe into fee-free adventures!