bunq, the second largest neobank in Europe, has partnered with Mastercard to offer its users a complete overview of their finances. To do this, the firm said it will leverage Mastercard’s Open Banking platform, which allows users to add accounts from any bank to their bunq app.
The integration means bunq users can now get spending insights from all their bank accounts directly within the bunq app, enabling them to budget more effectively and plan ahead. Further enhancing the user experience, bunq’s AI money assistant, Finn has been desgined to provide transaction data from multiple banks.
For instance, users can ask Finn for a complete overview of their travel expenses in the last year, and it will retrieve travel-related transactions from both bunq and any external banks.
According to the company, the open banking additons have driven a surge in user engagement, with nearly 40% of their surveyed users reporting a significant increase in their use of the app within two weeks of launch. With more people in Europe preferring to have more than one bank account, the new features are designed to make it easier to manage multiple bank accounts and advance open banking across the region.
Bianca Zwart, Chief of Staff at bunq, said: “We’ve built the bunq app around their lifestyle, and this partnership takes it even further. By combining Mastercard Open Banking with bunq’s world-leading AI platform, the possibilities to enhance their experience are endless.”
Open banking features for bunq users are now available in the Netherlands, France, and Germany and with plans to scale further across Europe.
