Image credits: Tricount
Amsterdam-based challenger bank bunq announced on Wednesday that its plans to acquire Brussels-based fintech company TriCount, a mobile app to manage group expenses. The company didn’t disclose the acquisition transaction value pending regulatory approval, reports TC.
The announcement comes a month after signing a new partnership with Brussels-based Mobilexpense, a professional company focused on travel and expense management.
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With this acquisition, the Dutch fintech will add 5.4M new users to its platform, becoming Europe’s second-largest challenger bank after Revolut.
Users invited to a “tricount” can add their own expenses, keep track and display the balance in the group at any time, and calculate the most efficient way to repay each other.
Competing against Splitwise, Tricount is ideal for time-limited activities like trips and holidays. The app is free with ads, however the subscription version unlocks more features, including statistics, CSV exports, and more.
Tricount is a global platform with a special focus on three countries – France, Spain, Germany, and Belgium.
“We fully subscribe to bunq’s mission and are very proud to be a part of it. I’m excited about the many opportunities this gives our users,” says Jonathan Fellon Tricount, co-founder and CEO.
bunq: What you need to know
bunq was founded in 2012 by serial entrepreneur Ali Niknam after he secured the first European banking permit in over 35 years. He established bunq to change the traditional banking industry.
Niknam was bunq’s sole investor until 2021, financing the company with €98.7m of his own money. In April, 2021, the company’s deposits surpassed €1 billion for the first time, having doubled in 2019 and then again in 2020.
In July, 2021, bunq announced the largest series A round ever secured by a European fintech. bunq raised €193 million in a deal with British private equity firm Pollen Street Capital, valuing bunq at approximately €1.6 billion. At the same time, bunq also reported its first-ever profitable month.
“Tricount’s commitment to simplicity, transparency, and community perfectly aligns with our own values. I’m very happy that we’re able to offer Tricount’s users many new ways to make life easy,” says bunq’s founder and CEO, Ali Niknam.
Update 20
The Amsterdam-based fintech announced Update 20, the latest version of its mobile banking app. In the latest update, the bank introduces features like Bunq Jackpot, where users get three chances to win €10,000 every month by using the app.
Users can participate and increase their chances of winning by using the bunq card, by adding and keeping money in their bunq accounts, and inviting friends. The app interface has been rearranged to get the user’s finances in one clear overview.
The company has also updated its Home and Community tabs. According to bunq, the Home Tab will let users customise accounts, cards, and other aspects according to their convenience. The Community tab will add ways for users to interact with other users through social media apps.
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