The Dutch fintech, or neobank, Bunq has entered the capital market and started trading stocks. The Amsterdam-based company announced its new product ‘Stocks’ last week, claiming it is ‘tailored for digital nomads‘.
This neobank already offered portfolio investment options within its app, focusing on environmentally friendly companies, but with the stock offering, it has significantly expanded its scope. Bunq users can now invest in companies listed on exchanges in the US and the European Union, as well as in ETFs.
Bunq will not charge trading fees for the first three months, after which it will charge €0.99 per transaction. The company stated that with the new product, it aims to simplify investments for beginners by providing a curated list of stocks and enabling easy setup of investment accounts.
The product, which is still in beta, is currently available only in the Netherlands and France, but plans to expand to other European countries. To launch the product, Bunq has partnered with two fintech startups based in Germany: Upvest, which specializes in APIs, and Ginmon, which offers investment brokerage and asset management services.
Alongside Stocks, the company has also launched an eSIM for frequent travelers, and their AI assistant Finn has also received some new features. These new products follow a period of continuous growth for the Dutch unicorn, which reported its first profit of €53.1 million last year.
This fintech now has 14.5 million users across Europe making it the largest neobank in the region, and they have applied for a banking license in the UK and the US. However, by entering the world of stocks, Bunq is entering a crowded market and will have to compete with companies like Robinhood and Revolut, which are already experienced fintech players in this area.
