Dutch neobank Bunq latest fintech to bank on Irish customers

Wednesday, May 4, 2022
author picture Gerald Girard
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Video/image source : youtube, siliconrep
Original content created by news.limited staff

Dutch Neobank Bunq is the Latest Fintech to Bank on Irish Customers

The new Irish banking regulations are forcing many banks to offer new services and Dutch neobank Bunq is hoping to take on the likes of Revolut and N26 in the Irish market. The move comes as fintechs are seeking to recruit clients from KBC Ireland and Ulster Bank. A key feature of Bunq is its use of a local IBAN‚ and the company is Amsterdam-based. The company recently secured the largest Series A round of any European fintech company. It also recently acquired Irish bank Capitalflow from Pollen Street Capital for EUR141 million.

Free savings account

The Dutch neobank Bunq has branched out to the UK. It also launched in other European countries including the UK. Customers in the UK can now open up to 25 accounts at one time and enjoy a mobile banking experience. They can also split their bills and make real-time payments. Businesses can also open a Bunq account. These are just some of the benefits and innovations of this neobank. The neobank Bunq has launched in 22 other European markets. It is available in the Netherlands‚ Belgium‚ France‚ Germany‚ Italy‚ Slovenia‚ Switzerland‚ Romania‚ Hungary‚ Poland‚ and the Czech Republic. Irish customers can open a free account with Bunq through their existing bank. This bank has over one million registered customers in Europe and offers several services for consumers and businesses. In addition to the free account‚ the neobank also has partnered with mobile commerce technology company Button‚ which will enable users to save money on their daily spending through their accounts. The new partnership will allow the neobank to enhance customer engagement and provide incentives for users to check their savings and spending status. The partnership will help Bnext expand to Spain and Mexico. As part of its initiative to encourage financial inclusion‚ Bunq offers free accounts in Ireland. This account enables customers to set up as many as 25 bank details. It also offers a metal credit card. Customers can also open an unlimited number of sub-accounts. They can assign separate bank details to each one. This feature is also missing in N26's similar 'Spaces' feature.

Free travel account

Dutch neobank Bunq has launched an account that is zero-fee and offers high interest rates‚ replacing the Easy Travel and Easy Bank accounts that were discontinued in May. The account also comes with no minimum deposit and can be used for all kinds of savings needs‚ including loans and investment accounts. All four banking products are protected by the Deposit Guarantee Scheme of the Dutch central bank. A digital Dutch bank‚ bunq‚ is entering the Irish market today‚ introducing its services for Irish customers. It uses Irish IBANs (international bank account numbers)‚ allowing customers to set up direct debits‚ make payments‚ and receive salary through their account. This enables people who live or work in Ireland to benefit from the service without having to worry about getting an Irish IBAN. The Netherlands' pillar banks are preparing to exit the Irish market‚ and the Dutch neobank Bunq will fill this gap. Having made its way into Ireland‚ Dutch neobank Bunq will become the first challenger bank in the country. It will compete with Revolut‚ N26‚ and traditional banks for Irish customers. The new entry will also offer payment services‚ such as direct debits‚ and will offer banking services with its own IBAN. In a recent acquisition‚ Bunq also acquired specialist business lender Capitalflow‚ which will enhance its Irish offering even further.

Irish IBAN

A Dutch neobank has acquired another startup - Capitalflow - and is making a play for the relationship holders of KBC and Ulster banks. The two companies are working together to offer a variety of banking services to the Irish market. Both companies have a similar model: bunq offers a current account to its customers‚ and Capitalflow provides invoice discounting to Irish businesses. Customers can download the bunq app and apply for an account. The Dutch neobank Bunq is launching a banking service in Ireland today using Irish IBANs. The bank's app enables its customers to set up direct debits‚ make payments and receive salaries‚ all using a Dutch IBAN. The Dutch bank has already been available to Irish residents‚ but the new Irish IBAN will allow it to compete with the pillar banks in the country. The Netherlands is a hotbed for tech innovation and fintechs‚ making it an ideal place to start a new bank. The Netherlands is the second-largest fintech nation in the EU‚ and its open regulatory environment and modern financial infrastructure allow for the emergence of innovative new companies. Dutch neobank Bunq started in 2012 and has since expanded to a fully fledged bank. The Dutch Central Bank has awarded Bunq an official banking license. The company currently offers services in thirty-one European markets. As part of its expansion into Europe‚ Dutch neobank Bunq has partnered with mobile commerce startup Button. The partnership allows the bank to offer its customers an incentive to save money. The mobile app Bunq will be available on iOS and Android devices. Through this partnership‚ the bank aims to improve customer engagement and experience the true value of fintech as an alternative to traditional banking.

Vivid Money

In a move that could change the way we bank in Ireland‚ Dutch neobank Bunq has launched an Irish IBAN. The Irish banking sector is undergoing significant changes this year and many people are seeking an alternative banking model. Despite having an IBAN in the Netherlands‚ bunq understands the importance of being local and has made it easy for its Irish customers to set up direct debits‚ make payments and receive their monthly salary. In an industry that is still dominated by banks‚ neobanks are the new wave of financial technology. Dutch neobank Bunq launched an account that has zero fees and a high interest rate. It is now replacing its Easy Travel account‚ Easy Bank account and Easy Green account‚ which were all discontinued last May. Bunq offers a free personal account and paid options and expects to roll out its mortgage service in early 2022. The Netherlands is a hotbed for fintechs and tech innovation. It is the second-largest fintech nation in the European Union‚ home to the world's most advanced financial infrastructure. The Dutch neobank Bunq was founded in 2012 and became a full-fledged bank in 2014. Its services are now available in 30 European markets. The Dutch neobank Bunq also provides mobile banking solutions. The Dutch neobank Bunq has launched a banking service for Irish customers‚ where it will use Ibans issued by the European Union's Central Bank. With its Iban‚ customers can set up direct debits‚ make payments‚ and receive salaries. The company is seeking to make banking in Ireland easier for people‚ while maintaining a local presence in Ireland. Despite this‚ some companies are discriminatory and unwilling to accept Irish customers. However‚ Bunq is pioneering the development of fintech in Ireland.

Capitalflow

The first neobank to issue an Irish IBAN is Bunq‚ a financial services startup that is looking to win over Irish current account holders. The Amsterdam-based company recently acquired an Irish SME lender‚ Capitalflow‚ for EUR141 million and has over 75 staff. It plans to expand its Irish offerings by acquiring businesses such as invoice discounting‚ vehicle equipment and commercial property loans. In Ireland‚ this means that Bunq can now offer its customers a local presence and can now accept payments and pay wages in their native country. The Bunq app is available for iPhone and Android devices‚ and its customers can manage their finances on the go via their mobile phone or tablet. In Ireland‚ Bunq's Irish presence is a significant boost for the company‚ which aims to improve customer control and experience the true value of fintech as an alternative to traditional banking. Currently only the UK and Ireland have neobanks. KBC and Ulster bank have exited the Irish market‚ leaving the country's booming neobanks to battle it out for the hearts and minds of consumers. Bunq has entered the Irish banking market‚ offering services to customers that use Irish IBANs‚ such as direct debits and salary transfers. Earlier‚ it offered services under the Dutch iban under the aegis of the Dutch central bank. However‚ it recently acquired specialist business lender Capitalflow‚ which will make it even more appealing to Irish customers. The Netherlands-based neobank Bunq has recently acquired Belgian fintech TriCount‚ which will increase its user base by 5.4 million and make it the second largest neobank in Europe after Revolut. As part of the deal‚ the neobank plans to update its mobile app with new features. For example‚ the Dutch version of the app will introduce the Bunq Jackpot‚ which will offer three chances to win EUR10‚000 ($10000) every month. Customers can use the Bunq app to increase their chances of winning by using the mobile phone's corresponding cards.