Amsterdam-based challenger bank bunq, the second largest neobank in the European Union, has announced the launch of Stocks, a new investment product tailored for digital nomads. This announcement comes as the company actively gains trust in Europe, reaching 14.5 million users. Earlier this year, bunq raised €29 million from existing backers to finance its growth.
What is bunq Stocks?
Unlike traditional brokerages, bunq Stocks simplifies investment for beginners. It provides them access to a curated list of the most popular public companies in the US and EU, and global multi-asset ETFs through bunq’s partner Ginmon. As a result, users will be able to open an investment account within seconds and buy and sell stocks in fractional shares as low as €10. In the first three months, all trades are free.
Ali Niknam, founder and CEO of bunq said: “Investing in stocks should be as effortless as making a payment or checking your balance. That’s why we’ve designed the simplest way to start investing, allowing our users to buy shares of the world’s most exciting companies in seconds.”
Why this move?
The rise of digital nomads has challenged traditional notions of work and investment. According to bunq’s research, 47% of European digital nomads are already actively investing, while 41% are considering starting in the next 12 months. With over half of them investing for the long term (more than 5 years) and 57% preferring to invest on the go, monthly on average, digital nomads require a product tailored to their unique needs.
Initially available in the Netherlands and France, Stocks will be gradually launched throughout the rest of Europe. Upvest provides the investment infrastructure for fractional trading and custodial services, ensuring efficient and secure transactions for end users.
Other updates from bunq
In addition to the beta launch of Stocks, bunq also announced several other updates at its bunq Update 26 event in Amsterdam. The neobank’s AI money assistant, Finn, now can give ultra-personalised budgeting tips as well as recommend bars and restaurants in the area.
Alongside this, bunq has introduced an eSIM for frequent travelers. Activated from the bunq app, the eSIM will give digital nomads uninterrupted internet access in 160+ countries, helping them save up to 90% on roaming costs.
