In a bold move contrasting with recent trends in the fintech industry, Dutch digital bank Bunq has announced plans to increase its global workforce by over 70% in 2024. The company aims to grow from 427 employees at the start of the year to 735 by year-end, bucking the trend of job cuts seen at other financial technology firms like PayPal and Klarna.
Bunq's expansion strategy focuses on entering new markets, particularly the United Kingdom and the United States, where it is currently applying for banking licenses. The company is targeting the "digital nomad" demographic – individuals who work remotely while traveling globally.
CEO Ali Niknam emphasized the need for additional staff to support the bank's global ambitions and navigate complex regulatory environments. Bunq is actively hiring across various departments, including sales, marketing, development, and user support. Many of these positions will be part of a "tailored digital nomad" program, allowing employees to work from anywhere in the world.
While other fintechs are turning to artificial intelligence to reduce headcount, Bunq views AI as a tool to empower employees rather than replace them. The company reported its first full year of profitability in 2023, with a net profit of 53.1 million euros.
This expansion comes as Bunq seeks to challenge established neobanks in new markets, such as Monzo and Revolut in the UK, and Chime in the US.