Dutch challenger bank Bunq is planning to expand its global headcount by 70% this year to over 700 employees, despite other financial technology startups cutting jobs. The bank, which operates in markets across the European Union, is looking to enter new regions such as the U.K. and the United States to take on competitors like Monzo, Revolut, and Chime. Bunq is targeting “digital nomads” who work remotely while traveling the world, and is seeking talent in various regions to support its global expansion. The company is in the process of obtaining banking licenses in the U.S. and U.K. to facilitate its operations in these countries.
Bunq is actively recruiting across various departments, including sales, business development, marketing, PR, affiliate marketing, market analysis, user support, development, and quality assurance. Many of these positions will be part of a “tailored digital nomad” program that allows employees to work from anywhere in the world. Despite the emphasis on remote work, the company is not closing down offices and intends to hire staff for its locations in Amsterdam, Sofia, Istanbul, Munich, Paris, Dublin, Madrid, London, and New York City. Bunq’s growth strategy aims to provide seamless service to users wherever they go.
In contrast to other fintech firms cutting jobs to reduce expenses, Bunq reported its first full year of profitability in 2023, with a net profit of 53.1 million euros. The company has been valued at 1.65 billion euros by private investors, indicating strong financial performance. While some fintechs are turning to artificial intelligence to streamline operations and reduce headcount, Bunq has been using AI to empower employees to serve users more effectively and efficiently. The bank’s CEO, Ali Niknam, believes AI enhances the capabilities of employees rather than replacing them.
Financial technology companies have faced challenges due to the tough operating environment brought about by inflation, consumer confidence issues, and higher interest rates. Crypto exchange Coinbase, payment giant PayPal, and buy now, pay later firm Klarna have all reduced their workforces in response to these challenges. Klarna, for example, has leveraged AI to lower operating expenses and improve gross profits, leading to higher revenue per employee. Despite industry trends, Bunq remains focused on expanding and providing a seamless banking experience for digital nomads around the world.
