Dutch neobank Bunq is launching a major hiring spree
to boost its workforce by over 70% in 2024, despite the challenges and job cuts in the fintech industry, according to a report by CNBC.

Bunq is adopting a strategy to tap into the digital
nomad market and expand into the US and UK. The company has announced plans to
grow its global headcount from 427 to 735 by the end of 2024, as companies like
PayPal and Klarna have significantly reduced their workforces.

Expanding in a Tough Market

The fintech company, which already operates across the
EU, mentioned that this hiring drive is crucial to its ambitions to break into
the UK and US markets. Bunq is reportedly applying for banking licenses in both
regions, aiming to take on established players like Monzo, Revolut, and Chime.

Bunq’s hiring strategy focuses on creating flexible
job roles to attract employees who align with its target customers, digital
nomads. These are remote workers who leverage technology to work from anywhere
in the world, moving from place to place without being tied to a single
location.

The company is launching a “tailored digital nomad”
program, allowing new hires to work remotely from anywhere in the world. Though
it’s embracing the flexibility of remote work, Bunq also plans to retain and
expand its physical office presence.

The neobank intends to hire employees across its
various locations, including Amsterdam, Sofia, Munich, Istanbul, and New York.
Bunq’s hiring spree stands in sharp contrast to the broader fintech sector,
where many companies are downsizing to cope with economic headwinds.

Fintech Giants Cut Jobs

The pandemic saw a surge in hiring, but with rising
inflation and higher interest rates, many fintechs have struggled to maintain
their earlier growth. Coinbase, PayPal, and Klarna are among the companies that
have cut thousands of jobs over the past two years.

Early this year, Bunq released its annual financial results, highlighting a profit of €53.1 million. The company’s profitability followed a 20% boost in gross income for the last quarter of 2023, while the gross interest soared 488%. Customer deposits rose from €1.8 billion to €7 billion.

This article was written by Jared Kirui at www.financemagnates.com.

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