bunq Becomes Europe's First AI Powered Bank & Revolut's Record Earnings
Hey FinTech Fanatic!
During the highly anticipated 'bunq Update 24' event, Amsterdam based neobank bunq unveiled a series of innovations that are set to redefine the banking experience for millions across the continent.
The first major announcement was the impressive growth of bunq's user base. The fintech firm has now reached a staggering 11 million users throughout the European Union. This exponential growth, a 55% increase since July 2023, has resulted in the company amassing a total of 7 billion euros in user deposits.
bunq also introduced the integration of Apple's Tap to Pay feature for its business users. This innovative functionality transforms an iPhone into a portable payment terminal, enabling on-the-go transactions and enhancing the flexibility of digital banking.
The most revolutionary announcement, however, centered around Finn, bunq's proprietary AI-powered platform.
Finn, driven by advanced Generative AI and Large Language Models (LLMs), is poised to transform how users interact with their banking app. Designed to replace traditional search functions, Finn offers a range of services from financial planning and budgeting to simplified navigation and transaction tracking.
According to Ali Niknam, bunq's founder and CEO, Finn is the culmination of years of AI innovation and user-focused development, set to "completely transform banking as you know it."
In a parallel development, Revolut, Europe's most valuable startup, is on a trajectory to surpass £1.5 billion in revenue for the year.
This surge in revenue, bolstered by rising interest rates across Europe, marks a significant uptick from the £850 million reported in 2022.
Despite a decline in cryptocurrency activity, which previously contributed substantially to the platform's volume, Revolut continues to attract a massive user base, now nearing 40 million globally.
However, it's not all smooth sailing for Revolut. The startup, valued at $33 billion in 2021, faces challenges in securing its banking license from UK regulators. Additionally, concerns have been raised regarding the completeness of the company's revenue data for 2021.
Despite these hurdles, Revolut's recent performance offers a glimmer of hope to investors who have weathered a tumultuous period with the company.
Enjoy more FinTech Industry updates I listed for you below👇 and I'll be back in your inbox tomorrow!
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