bunq is a Dutch mobile bank, headquartered in Amsterdam, Netherlands. The company was founded in 2015 by Ali Niknam, original founder of the IT company TransIP. bunq stands for freedom and change in the world of banking.
bunq offers personal and business accounts with a fixed monthly fee of 7.99 and 10.00 euro's a month. They also offer free accounts that come with one bank account and no cards.
Video Bunq
Products
bunq offers a range of online financial services, primarily through its own mobile app. The company's app enables customers to open current accounts for free. Additionally, customers can request money from friends, split bills, and make payments in real time. Businesses can also open a bunq account.
The account opening process can be completed by top-up or video chat and, according to its website, takes 5 minutes. After setting up an account, the user can send payments to mobile contacts, request money from 'friends', or create special group accounts. No IBANs are required.
Alongside the basic free option, customers can open a Premium current account, providing a mix of 3 Maestro or debit Mastercards and 25 monetary accounts. Users can also request a Debit Mastercard and Maestro by paying via the Dutch e-commerce payment system iDeal. All payments within the app are transferred immediately. The app also allows users to pay via a QR code. By scanning a QR code, payments can be made in real time, for example, to retailers who also have an account with the bank.
In February 2017, bunq made its API and SDK public, allowing users and developers to build apps related to financial services.
At the last major update, many new features were added. The bunq Pack allows customers to purchase 4 premium current accounts or 3 premium and 1 business, targeted primarily towards groups, families, or housemates. Also included in the update was a fundraising service bunq.me, available to all current account holders. Customers can create a personalised bunq.me link and start sharing to raise money. They also demonstrated a new feature which they call 'Dual PIN'. This feature enables bunq users to link a secondary PIN to their MasterCard and Maestro card which deductes the money from a different account.
Maps Bunq
Company Profile
bunq, a European Fintech firm, started out in payments, but expanded to deposit accounts. In 2015, the company received its official banking license with the Dutch Central Bank (DNB). This enabled the company to execute transactions with other banks and guarantee all account holders up to EUR100,000 in deposits - according to the Deposit Guarantee Scheme. The penultimate banking license was granted to DSB Bank in 2005, and the one before that to Triodos Bank in 1980. Through the banking license, customers can get an IBAN bank account number, deposit salaries and make payments to other banks.
History
With bunq's earliest stages beginning in 2012, Niknam had already acquired his entrepreneurial ability while setting up the web-hosting company TransIP in 2003. In September 2014, bunq obtained its official banking permit with the DNB. At the end of 2015, the company had sixty employees, consisting mostly of young ITs, but also two bankers with a past at the Royal Bank of Scotland. The cooperation of experienced bankers was a prerequisite for obtaining the bank license.
In September 2015, bunq raised EUR16.7 million in seed funds. The first beta version of the app was launched on a limited scale, and in November 2015, the app was available to the public. Early on, bunq was recognized as the 'WhatsApp of banking' - being one of the first Fin-Tech startups to remove the need of IBANs. Following this in December 2015, it was discovered that the app stored unprotected photo IDs on Android, giving other apps access to the same device. The problem was repaired immediately after disclosure.
In August 2017, bunq introduced the new Premium plan, which included the three cards and twenty-five account for a fixed fee per month.
In December 2017, bunq started using 'Instant Payments' (implementing SCT Inst) which is a system that enables users to transfer money to other bank accounts, even to another bank in Europe, within seconds.
External links
- Official Website
References
Source of article : Wikipedia
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