Neobank Bunq Acquires Belgian FinTech TriCount, Adding 5.4M Users

Neobank Bunq, by acquiring Belgian FinTech TriCount, will add 5.4 million new users, a company press release said, and become Europe’s second-largest neobank, behind Revolut. It will also be updating its app to add features.

The bank will also introduce features like Bunq Jackpot, which gives Dutch, German and French users three chances to win €10,000 every month by using the app.

The users will be able to increase their chances of winning by using Bunq cards, by adding and keeping money in their Bunq accounts, and through inviting friends.

The release also noted that there will be other in-app changes, including upgrading its Home and Community tabs. The Home tab will let users group accounts, cards and other things, to customize the app to meet their needs.

The Community tab will add to ways users can interact with Bunq and other users, with sharing and responding options for posts like a social media app. The release said this will let users improve the experience of the app for others through sharing experiences.

The bank has also been vocal about wanting to boost its mergers and acquisitions, and buying TriCount will let the bank add easy access to various features to help make managing money easier.

“TriCount’s commitment to simplicity, transparency and community perfectly aligns with our own values,” said Ali Niknam, CEO and founder of Bunq.

See also: Bunq Out to Improve ‘Suboptimal’ Service Provided by Traditional EU Lenders

PYMNTS wrote that Bunq is among newer banks trying to use financial tech to curb costs and help out customers in novel ways.

“Bankers are more internally oriented and process oriented. At Bunq we operate the other way around. We try to really understand what our users want and need and try to surprise and delight them by applying technology,” Niknam told PYMNTS in a recent interview, per the report.

He said Bunq’s technology is good to offer “instant solutions” but also the company has a mindset “geared toward meeting consumer wants and needs.” He said the company made its core banking, processing and services all on its own.