Dutch challenger bank, Banck, which bills itself as the second largest neobank in the European Union region, has reported its first quarter profit. Challenger Bank posted a pre-tax profit of €2.3 million during the fourth quarter of 2022.
Bunk said in a press statement on Tuesday that it had reached “structural profitability”, adding that increased profits would fuel its continued growth and expansion. The profit came a few months after the 2012-founded company hit break-even for the first time in December 2021.
Furthermore, the bank revealed that its net fee income increased by 37% between September and December 2022 compared to the same period in 2021. In 2021, the challenger bank’s net fee income was €23.1 million.
In addition, the user deposits of the Dutch neobank also increased by 64% to €1.8 billion at the end of 2022. Deposits are set to exceed €1.1 billion at the end of 2021, a jump from €813 million the previous year.
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Speaking on the new record, Ali Niknam, founder and CEO of Bunk, said the company’s “service-oriented” business model has proved profitable just 10 years after its inception. Niknam founded Bunk after securing the first European banking permit in more than 35 years. He was the sole investor of the bank till 2021. He personally funded Challenger Bank with €98.7 million until two years ago.
In July 2021, Dutch challenger bank secured €193 million in Series A round led by British private equity firm Polen Street Capital. The company described the fund as the largest Series A round secured by a European fintech. Fintech financial technology (fintech) is defined as technology that is designed to automate and enhance the delivery and application of financial services. Is. The origin of the term fintech can be traced back to the 1990s, where it was primarily used as a back-end system technology for well-known financial institutions. However, it has evolved outside the business sector with a greater focus on consumer services. What purpose does fintech serve? Delivery and application of financial services. The origin of the term fintech can be traced back to the 1990s, where it was primarily used as a back-end system technology for well-known financial institutions. However, it has since evolved outside the business sector with a greater focus on consumer services. What purpose do fintechs serve? The main objective of fintech will be to read this word. The deal was valued at approximately €1.6 billion at the time.
Fintech funding nearly halved in 2022
Bunk’s first quarterly profit comes after a tumultuous 2022 that saw some fintech businesses exit the industry. In April 2022, checkout startup Fast, which had previously raised over $102 million, shut down its business citing slow growth and high cash burn. Another US-based startup, Nirvana Money too folded only 22 days after its launch.
Other startups also shuttered their services in 2022, including German carbon-accounting startup StartUp, a company operating within its first-stage investments known as StartUp. While startups may give the impression that the company must be new, this is not always the case. Many companies can have this designation after about three years of existence. Typically, a company exits startup status after a period of 3 to 5 years or after a successful funding round where capital is acquired. Startups grow out of the belief that there is a demand for a service or product that a company operating within its first stage of investment is known as a startup. While startups may give the impression that the company must be new, this is not always the case. Many companies can have this designation after about three years of existence. Typically, a company exits startup status after a period of 3 to 5 years or after a successful funding round where capital is acquired. Startups grow out of the belief that there is a demand for a service or product which is Planetly, UK challenger banking app Dozens and Volt Bank, Australia’s first online bank.
Global fintech funding also suffered as investment in fintech dropped by almost half (46%) to $75.2 billion in 2022. During the last quarter of the year, the industry raised $10.7 billion in funding, the lowest since 2018, according to CB Insights’ 2022 State of Fintech report.
Dutch challenger bank, Banck, which bills itself as the second largest neobank in the European Union region, has reported its first quarter profit. Challenger Bank posted a pre-tax profit of €2.3 million during the fourth quarter of 2022.
Bunk said in a press statement on Tuesday that it had reached “structural profitability”, adding that increased profits would fuel its continued growth and expansion. The profit came a few months after the 2012-founded company hit break-even for the first time in December 2021.
Furthermore, the bank revealed that its net fee income increased by 37% between September and December 2022 compared to the same period in 2021. In 2021, the challenger bank’s net fee income was €23.1 million.
In addition, the user deposits of the Dutch neobank also increased by 64% to €1.8 billion at the end of 2022. Deposits are set to exceed €1.1 billion at the end of 2021, a jump from €813 million the previous year.
keep reading
Speaking on the new record, Ali Niknam, founder and CEO of Bunk, said the company’s “service-oriented” business model has proved profitable just 10 years after its inception. Niknam founded Bunk after securing the first European banking permit in more than 35 years. He was the sole investor of the bank till 2021. He personally funded Challenger Bank with €98.7 million until two years ago.
In July 2021, Dutch challenger bank secured €193 million in Series A round led by British private equity firm Polen Street Capital. The company described the fund as the largest Series A round secured by a European fintech. Fintech financial technology (fintech) is defined as technology that is designed to automate and enhance the delivery and application of financial services. Is. The origin of the term fintech can be traced back to the 1990s, where it was primarily used as a back-end system technology for well-known financial institutions. However, it has evolved outside the business sector with a greater focus on consumer services. What purpose does fintech serve? Delivery and application of financial services. The origin of the term fintech can be traced back to the 1990s, where it was primarily used as a back-end system technology for well-known financial institutions. However, it has evolved outside the business sector with a greater focus on consumer services. What purpose do fintechs serve? The main objective of fintech will be to read this word. The deal was valued at approximately €1.6 billion at the time.
Fintech funding nearly halved in 2022
Bunk’s first quarterly profit comes after a tumultuous 2022 that saw some fintech businesses exit the industry. In April 2022, checkout startup Fast, which had previously raised over $102 million, shut down its business citing slow growth and high cash burn. Another US-based startup, Nirvana Money too folded only 22 days after its launch.
Other startups also shuttered their services in 2022, including German carbon-accounting startup StartUp, a company operating within its first-stage investments known as StartUp. While startups may give the impression that the company must be new, this is not always the case. Many companies can have this designation after about three years of existence. Typically, a company exits startup status after a period of 3 to 5 years or after a successful funding round where capital is acquired. Startups grow out of the belief that there is a demand for a service or product that a company operating within its first stage of investment is known as a startup. While startups may give the impression that the company must be new, this is not always the case. Many companies can have this designation after about three years of existence. Typically, a company exits startup status after a period of 3 to 5 years or after a successful funding round where capital is acquired. Startups grow out of the belief that there is a demand for a service or product which is Planetly, UK challenger banking app Dozens and Volt Bank, Australia’s first online bank.
Global fintech funding also suffered as investment in fintech dropped by almost half (46%) to $75.2 billion in 2022. During the final quarter of the year, the industry raised $10.7 billion in funding, the lowest since 2018, according to CB Insights’ 2022 State of Fintech report.
