Posted 12/18/2023, 3:00:00 PM
Bunq Founder Wins Lawsuit to Use AI for Compliance; Neobank Eyes US Expansion After Profitable Year
- Bunq founder Ali Niknam won lawsuit against Dutch central bank in 2022, allowing use of AI to monitor customers for illegal activity like money laundering
- Niknam has applied for a US banking license for Bunq; would give access to American market and European expats
- Bunq is a digital/mobile-only "neobank" founded in 2015, popular with nomads and multi-country banking
- Had first fully profitable year in 2023 and raised $100M, now valued at $1.8 billion with $4.8B deposits
- Possible future AI services beyond compliance/monitoring functions