Dutch fintech bunq enters Irish market as pillar banks leave

Sarah Collins

Dutch online bank bunq has officially entered the Irish market, offering an alternative as KBC and Ulster Bank prepare their exits.

The fintech has launched an Irish international bank account number (IBAN), establishing a local presence in the country that will allow for easier and quicker direct debits and payments to and from Irish people and businesses.

It had previously operated here with a Dutch IBAN and has a banking licence from the Dutch Central Bank

Today’s move makes bunq the first challenger bank with an Irish IBAN. It now operates in 30 European markets.

“By offering an extensive range of financial products and services, Irish people can now finally experience the true value of fintech as an alternative to traditional banking,” said bunq chief operating officer Gerald Gruber.

The new branch opening in Ireland follows bunq’s recent acquisition of Capitalflow, an Irish specialist lender that employs over 75 people and offers equipment and vehicle financing, commercial property loans and cashflow facilities to Irish firms.

Bunq said in a statement that it was now poised to expand even further.

“We are delighted to see bunq strengthen its position in the Irish market following its acquisition of Capitalflow late last year,” said Capitalflow chief executive Ronan Horgan.

“This deal has enabled us to offer more competitive funding to Irish SMEs and to continue to grow our workforce.”

Irish consumers interested in signing up for a bunq account can download the bunq app today.