But with Bunq’s backing, Capitalflow will have access to up to €1bn in Dutch retail savings, enabling it to cut its pricing while expanding lending volumes. Bunq is a fully-licenced challenger bank rival to Revolut and N26 that charges customers a subscription for services. Mr Horgan said his objective was to develop Capitalflow into a credible alternative to the pillar banks, AIB, Bank of Ireland and Permanent TSB. “We will have access to bank funding at far more competitive rates and can really compete with retail lenders,” he said. “Price was holding us back, but this acquisition allows us to go after customers previously serviced by banks.

Source: Irish Independent July 08, 2021 01:30 UTC