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The pool of profitable European neobanks is growing.

Driving the news: Last valued at $1.8 billion, Europe-focused Bunq says it gathered €53.1 million ($57.4 million) in net profits last year — its first full-year in the green.

By the numbers: Based in Amsterdam, Bunq posted total revenues and income of €42.9 million ($46.4 million) in 2022, with a loss of €10.5 million ($11.7 million).

Revenue rose, on an unaudited basis, to about €229.5 million ($248.5 million) in 2023, in no small part due to a jump in deposits.

User deposits grew from €1.8 billion in 2022 to almost €7 billion at the end of 2023. Due to higher interest from those deposits and growth in its loan volume, the company's gross interest income grew by 488% during the year, per the company.

Of note: Bunq is now planning to add more customers in the U.K, having applied for an E-Money Institution license in the U.K.

Profitability will also help its case in trying to win a U.S. bank charter.

Context: U.K. and European neobanks have been a step ahead of their U.S. brethren in reporting bottom lines in the green.

U.K.-based Starling Bank said after-tax profits grew to £142.9 million ($180 million) from £44.9 million ($57 million) for the year ending March 2023.

Revolut, too, has posted net profits on an annual basis. Tandem and Atom Bank, meanwhile, have reported operating profits in the green.

Germany's N26, however, is expected to post a net loss of €100 million ($108 million) in 2023, down 53%.

Neobank Bunq announces first annual profit

The E.U.-based bank will now expand in the U.S. and in the U.K.

Illustration of a pair of hands holding a giant pile of money

Fintech

The pool of profitable European neobanks is growing.Driving the news: Last valued at $1.8 billion, Europe-focused Bunq says it gathered €53.1 million ($57.4 million) in net profits last year — its first full-year in the green.

Neobank Bunq announces first annual profit

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