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Dutch digital bank Bunq is plotting re-entry into the U.K. to tap into a “large and underserved” market of some 2.8 million British “digital nomads.”<\/p>\n
Pavlo Gonchar | Sopa Images | Lightrocket | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Dutch challenger bank Bunq told CNBC that it plans to grow its global headcount by 70% this year to over 700 employees, even as other financial technology startups have decided to cut jobs.<\/p>\n
Bunq, which operates in markets across the European Union, is looking to expand into new regions including the U.K. and the United States, taking on the fintechs already in those countries, including the likes of Britain’s Monzo and Revolut, and American neobank Chime.<\/p>\n
Bunq said it needs corresponding talent in those regions to support its global expansion ambitions. To that end, the firm said it plans to see out the year with 735 employees globally \u2014 up 72% from its 427 members of staff at the start of 2024.<\/p>\n
“Bunq focusses on digital nomads who tend to roam the world,” Ali Niknam, Bunq’s CEO and co-founder, told CNBC via emailed comments.<\/p>\n
So-called “digital nomads” are defined as people who travel freely while\u00a0working remotely, using technology and the internet to work abroad from hotels, cafes,\u00a0libraries, co-working spaces, or temporary housing.<\/p>\n
“We’d love to be able to service our users wherever they go \u2014 given the regulatory environment we’re in, this results in us having to have a lot of extra people to make this happen,” Niknam added.<\/p>\n<\/div>\n
Bunq is currently in the process of applying for banking licenses in both the U.S. and U.K. Last year, the firm submitted an application for a federal banking license. And in the U.K., Bunq is awaiting a decision from financial regulators on an application to become a licensed e-money institution, or EMI.<\/p>\n
The digital bank said it was actively looking to hire across sales and business development, product marketing, PR, affiliate marketing, and market analysis, as well as user support, development, and quality assurance.<\/p>\n
Many of these positions will be part of a “tailored digital nomad” program that allows staff to work from anywhere in the world, Bunq said.<\/p>\n
However, the firm stressed it’s not closing down office space and that many new hires would work in its offices, including in Amsterdam, Sofia, Istanbul, Munich, Paris, Dublin, Madrid, London, and New York City.<\/p>\n<\/div>\n
Over the past two years, one of the\u00a0biggest stories in both the fintech and broader technology industry\u00a0has been companies slashing jobs to cut back on the massive spending implemented during in the pandemic years of 2020 and 2021.<\/p>\n<\/div>\n
The operating environment for fintech firms has gotten tougher, meanwhile, with inflation knocking consumer confidence and higher interest rates making it harder for startups to raise money.<\/p>\n
In January last year, cryptocurrency exchange Coinbase<\/a>