Neobank bunq enters the insurance market

bunq, the second largest neobank in Europe, expands beyond banking with new travel insurance offering. The challenger officially rolled out its worldwide, one-time activation travel insurance in partnership with Qover, a global embedded insurance provider, which is available to Irish users. This launch is the next step in bunq’s mission to build a full service neobank for digital nomads worldwide.   

bunq has set its sights on Ireland. In the last year, the challenger has seen a 90% increase in its users. The growth comes alongside a surge in deposits, up 114% since the start of 2024. 

Almost 50% of travelers face challenges when acquiring travel insurance. Determined to make their lives easier, bunq now offers automatic worldwide coverage for anyone on the Easy Bank Pro XL plan. Users simply activate the feature once and enjoy coverage for all future trips. Insurance claims can be filed right in the app, via the link to Qover.  

“We’re making travel insurance effortless,” says Ali Niknam, founder and CEO of bunq. “It’s exactly the peace of mind we want our users to have, whether they spend, save or travel with bunq.”  

International travel is booming, nearing pre-pandemic levels with just under 1.3 billion trips in 2023. bunq’s expansion into insurance comes alongside the challenger’s strong growth across Europe. The neobank’s total user base has surged past 12.5 million users, and its deposits have climbed over 8 billion euros.  

bunq, the first AI-powered bank in Europe, also upgrades its user-facing AI technology. AI assistant Finn is already assisting with 75% of user questions and solving 40% independently. Finn will tackle users’ questions regarding their bank accounts, spending habits, and recommended places.