Dutch challenger bank Bunq is planning to expand its global headcount by 70% this year, growing to over 700 employees. The bank operates in various markets within the European Union and intends to expand into new regions like the U.K. and the United States, competing with established fintechs in those countries. Bunq is focusing on targeting “digital nomads” who work remotely while traveling and is looking to increase its staff to support its global expansion goals. The bank is in the process of applying for banking licenses in both the U.S. and U.K., demonstrating its commitment to growing operations in these regions.
Bunq is actively looking for new hires across various departments, including sales, business development, marketing, user support, and quality assurance. The company is also implementing a “tailored digital nomad” program that allows employees to work from anywhere in the world. While Bunq emphasizes the flexibility of remote work, it also maintains physical offices in several locations. This approach contrasts with other fintechs that have been cutting jobs recently in response to tougher operating conditions in the industry.
In recent years, many fintech companies have been reducing their workforce to cut costs and adapt to changing market conditions. Some firms have turned to artificial intelligence to streamline operations and reduce headcount. For example, Swedish buy now, pay later firm Klarna has used AI to reduce its workforce and improve efficiency in marketing and customer service. However, Bunq’s CEO Ali Niknam believes that AI should empower employees to enhance their work, rather than replace them entirely. The bank reported its first full year of profitability in 2023, generating a net profit of 53.1 million euros.
Despite the challenges facing the fintech industry, Bunq remains optimistic about its growth prospects. The bank’s expansion plans include hiring talent in new regions and obtaining banking licenses to operate in the U.S. and U.K. Bunq’s focus on serving digital nomads aligns with the evolving work trends driven by technology and shifting consumer preferences. The company’s commitment to employee empowerment and investment in AI sets it apart from other fintechs that have been cutting jobs and reducing costs in response to market pressures. Bunq’s success in achieving profitability and its valuation by investors indicate a strong foundation for future growth and innovation in the competitive fintech landscape.
