Bunq has successfully raised $228 million worth of external capital which according to CEO Ali Niknam will be utilized to acquire Capitalflow Group of Ireland.
The Dutch company was established by Ali Niknam which had invested nearly 100 million euros of his own to provide strength to the company’s capital structure. The startup is raising a funding round led by Pollen Street Capital in which Niknam also participated and invested $29.5 million while the rest of the round will be financed by Pollen Street Capital.
The deal promises bunq with a pan European reach to attain a user base and establish active contacts with them to boost sales and revenue while successfully operating in 30 markets.
Earlier this year, Bunq had invested in TARGET instant payments and was the first challenger bank ever to facilitate instant payments across Europe.
European Challenger Bank Bunq Is All Set to Acquire Capitalflow Group of Ireland
Niknam further stated that the deal made is an accomplishment, a milestone for his company as he intends to strengthen the long-term sustainability of Bunq by making the organization much more profitable than before.
After several years, bunq has successfully managed to raise $228 million at a valuation of $1.89 billion in round A funding and will be acquiring CapitalFlow group of Ireland as a part of the funded deal.
Pollen Street Capital Acquires 10% Stake in Amsterdam Based Challenger Bank Bunq
Pollen Street Capital is an investment management company that serves the financial and business sectors with primary investment sources. Under the leadership of Lindsey McMurrey, the company is now operating across private equity and credit strategy streams. According to the reports issued by Reuters, the company has acquired a 10℅ stake in Niknam’s Bunq.
Pollen Street partner James Scott was later seen commenting on the acquisition as a revolution brought forth for Pan European digital banking, and will further combine the stark SME lending expertise of CapitalFlow with Bunq’s direct customer approach methodology to provide strength and durability to the platform and will mark a new standard of digital banking domain.
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Juhi Mirza is an archaeological major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.