bunq, the second-largest neobank in Europe, has partnered with Mastercard to provide its 12.5 million users with a holistic view of their finances. This collaboration leverages Mastercard’s Open Banking platform, enabling bunq users to seamlessly integrate accounts from any bank within the bunq app.
This integration empowers bunq users to gain valuable spending insights across all their bank accounts directly within the app. This comprehensive overview allows them to make informed budgeting decisions and plan for future expenses more effectively.
Further elevating the user experience, bunq’s industry-leading AI money assistant, Finn, enriches these insights by analyzing transaction data from multiple banks. For example, users can query Finn for a complete breakdown of their travel expenses over the past year, and Finn will retrieve relevant transactions from both bunq and external bank accounts. This integration positions bunq as the first bank in Europe to leverage AI within open banking.
Open banking has demonstrably boosted user engagement for bunq. Nearly 40% of surveyed users reported a significant increase in app usage within two weeks of launching the new features. As many Europeans manage accounts with multiple banks, this innovation simplifies managing finances and fosters wider adoption of open banking functionalities within bunq’s European user base.
“Our users seamlessly integrate their home, work, and travel lives,” says Bianca Zwart, Chief of Staff at bunq. “We’ve designed the bunq app to cater to this lifestyle, and this partnership elevates that experience even further. Combining Mastercard Open Banking with bunq’s leading AI platform unlocks endless possibilities to enhance the user experience.”
“We’re thrilled to support a leading neobank like bunq, showcasing the combined benefits of open banking and AI in delivering exceptional user experiences,” said Bart Willaert, EVP, International Open Banking, Mastercard. “This collaboration highlights the strength and reach of our platform across Europe, demonstrating the potential for scaling on our global open banking network.”
Open banking features for bunq users are currently available in the Netherlands, France, and Germany, with plans for further expansion across Europe. The partnership was announced at the industry-leading European edition of Money 20/20 in Amsterdam.
