Bunq’s Irish expansion provides banking alternative
Dutch fintech bunq is entering the Irish market with the launch of an Irish IBAN, giving Ireland its first fully fledged fintech alternative.
The Irish banking sector is undergoing radical changes this year with the exit of two pillar banks, which sees many Irish people and businesses on the lookout for an alternative to traditional banking.
Bunq is already available to people in Ireland through its Dutch IBAN. It said it understands the need for a local presence to tailor a bank experience to local needs. A local banking presence enables bunq customers to easily set up direct debits and make and receive payments including monthly salaries.
Without an Irish IBAN, services are quite limited as the market has seen with other well-known fintech’s in Ireland. bunq is now the first neobank with an Irish IBAN, making it a veritable primary bank account for Irish users.
Bunq has branched into 30 European markets without venture capital funding.
“By offering an extensive range of financial products and services, Irish people can now finally experience the true value of fintech as an alternative to traditional banking,” said chief commercial officer of bunq, Gerald Gruber. “I’m very excited to see bunq spearheading this development.”
It recently acquired Capitalflow, an Irish specialist business lender that employs over 75 people and is now ready to expand even further. In addition to the current accounts offered by bunq, to customers looking to switch, Capitalflow continues to offer equipment and vehicle financing, and commercial property loans, along with cashflow facilities like invoice discounting to Irish businesses.
CEO of Capitalflow, Ronan Horgan, said: “We are delighted to see bunq strengthen its position in the Irish market following its acquisition of Capitalflow late last year. This deal has enabled us to offer more competitive funding to Irish SME’s and to continue to grow our workforce. With its ‘customer first’ ethos, this launch is excellent news for Irish consumers, offering greater choice for day-to-day banking.”
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