Neobank Bunq has tapped Irish InsurTech startup Companjon to provide its users with embedded insurance.
Through the partnership, Bunq Easy Green customers will automatically be covered with an extended warranty and purchase protection on certain purchases they make with their Bunq card, according to a Tuesday (Feb. 7) press release.
“In everything we do, we strive to make our users’ lives easy,” Bunq founder and CEO Ali Niknam said in the release. “By offering our Easy Green users added security when using their Bunq card, we make sure they can focus on whatever’s important to them instead of money admin.”
Easy Green is the most expensive of Bunq’s plans, and the new insurance product adds to several existing perks that Bunq users pay for. These include a commitment by the company to plant one tree for every 100 euros (about $107) spent with the account, the release stated.
As Niknam explained to PYMNTS in an October interview, “one of the other things that sets Bunq apart is that we have always charged money for services. We don’t believe in free; we believe in fair pricing [and] in transparency, which has a result that our users always know what’s up. And also that therefore, when they sign up, they intend to actually use the service.”
Commenting on Tuesday’s news, Companjon CEO Matthias Naumann said in the release the company’s embedded insurance solutions “complement Bunq’s product portfolio and strong market position.”
Bunq has been the European Union’s second-largest neobank since it welcomed 5.4 million new users following the acquisition of Belgian FinTech TriCount in 2022, the release stated.
Europe’s largest neobank is Revolut, which in November announced it had topped 25 million retail customers globally.
The news comes about six months after Bunq-owned Capitalflow Group raised 10 million euros (about $10.7 million) from the low-cost Energy Efficiency Loan Scheme (EELS) of the Strategic Banking Corporation of Ireland (SBCI).
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