Kassel/Amsterdam. The Dutch challenger bank bunq is relying on the Kassel-based fintech fino for its further growth. With the help of its account switching service and account switching assistance, the smartphone bank is now making it easier for new users to switch, thus taking onboarding to a new level.
With the fino account switching service, the new bank account is fully operational in just a few minutes. Users simply and intuitively log into their previous online banking system in the bunq application to digitally retrieve their transactions. From this, fino automatically identifies all payment partners. Users then select the ones they want to take over and can manually add others. If desired, all cover letters to the payment partners are created and sent, so the user only needs to cancel the old account. In addition, the fino account switching assistance supports bunq employees and users in the simple processing of and compliance with all legal requirements. The range extends from the creation of the authorization to the transparent information of the payment partners. In the process, the advisor is informed of any changes in the process so that the legal deadlines are met. The entire process is based on the requirements of the Payment Accounts Act. Both the account switching service and account switching assistance are implemented via a white label service that bunq can operate without any IT effort.
Foundation for further growth
Ali Niknam, founder and CEO of bunq, explains, “With the fino partnership, we can make the switch to ‘bunqer’, as easy as possible. It only takes one click of the mouse, which allows users to save time and money.” In addition, the fino products support the further growth of the bank, which recently established a branch in Cologne and now offers German new customers a German account number or IBAN.
For fino, another part of its vision comes true with the integration of its products into the bunq application. “In line with our slogan ‘Less finance – more you’, we work every day to create added value for our customers,” explains Florian Christ, CEO and founder of fino, adding, “That’s why we are delighted that we can support bunq to further improve and expand their customer experience. After all, we are united by the mission of simplifying elaborate financial processes for the benefit of people.”
bunq was founded in 2012 by Ali Niknam, who subsequently succeeded in obtaining the first European banking license in more than 35 years. His goal was to radically change traditional banking. That’s why he invested 79.9 million euros in bunq. The current publicly available number of user deposits is 654,619,033 euros, based on deposits in July 2020. During 2019, the total amount of user deposits doubled and is increasing daily. bunq is currently available in 30 European markets: the Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, the United Kingdom, and Norway and Iceland. Further information: https://www.bunq.com/
The fintech company fino was founded in 2015 and develops products and services that optimize business processes in the area of finance. More than 100 employees work every day to ensure that the fino motto “Less finance – more you” becomes a reality for more and more companies and private individuals. Among other things, companies benefit from easier provision and management of their invoices, account information and payment flows. The analysis of these also helps them to make well-founded business decisions. Financial institutions, in turn, can offer their customers modern, fast solutions with fino’s products. Reference customers and partners include savings banks, VR banks, DATEV, Miles & More and Schufa.