bunq first bank in Europe to leverage AI in open banking with Mastercard
June 4, 2024 | Amsterdam, The Netherlands
The neobank’s collaboration with Mastercard is set to give users spending insights across all their bank accounts and power its personal financial management features while advancing open banking in Europe.
bunq, the second largest neobank in Europe, has partnered with Mastercard to offer its 12.5 million users across Europe a complete overview of their finances. This is achieved by leveraging Mastercard’s Open Banking platform, which allows users to add accounts from any bank to their bunq app.
With this integration, bunq users can now get spending insights from all their bank accounts directly within the bunq app, enabling them to budget more effectively and plan ahead. Further enhancing the user experience, bunq’s world leading AI money assistant, Finn, will enrich these insights with transaction data from multiple banks. For instance, users can ask Finn for a complete overview of their travel expenses in the last year, and it will retrieve travel-related transactions from both bunq and any external banks. In that way, bunq becomes the first bank in Europe to leverage AI in open banking.
Thanks to open banking, bunq has seen a surge in user engagement, with nearly 40% of their surveyed users reporting a significant increase in their use of the app within two weeks of launch. With more people in Europe preferring to have more than one bank account, the new features take the hassle out of managing multiple bank accounts and advance open banking among bunq’s user base across Europe.
“Our users live life without borders, effortlessly blending home, work, and travel,” says Bianca Zwart, Chief of Staff at bunq. “We’ve built the bunq app around their lifestyle, and this partnership takes it even further. By combining Mastercard Open Banking with bunq’s world-leading AI platform, the possibilities to enhance their experience are endless.”
“We’re pleased to support a leading neobank like bunq, as they show a great example of how multiple benefits of open banking and AI can deliver an excellent user experience. This collaboration showcases our strong platform and reach across Europe and the opportunities for scaling on our global open banking network”, said Bart Willaert, EVP, International Open Banking, Mastercard.
Open banking features for bunq users are now available in the Netherlands, France, and Germany and will scale further across Europe. bunq and Mastercard announced the partnership at the thought-leading European edition of Money 20/20 in Amsterdam.
About bunq
Founded in 2012 by serial entrepreneur Ali Niknam, bunq has brought lasting change to the European banking industry. By having its users at the heart of the business and building a product rooted in their wants and needs, bunq quickly scaled to become the second largest neobank in the EU. Serving digital nomads across the European Economic Area, bunq makes life easy for location-independent people and businesses starting from the way they manage money: how they spend, save, budget and invest.
Pioneering many things considered impossible, bunq was the first bank to get a European banking permit in over 35 years, raised the largest series A round ever secured by a European fintech (€193 million), and was the first EU neobank to achieve structural profitability at the end of 2022. On its mission to build the first global neobank for digital nomads, in April 2023, bunq announced its bid to enter the US market by applying for a banking license.
Learn more https://www.bunq.com
About Mastercard (NYSE: MA)
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
