Questions, questions, questions!?

October 20, 2015

For the past month, our beloved beta-team has been playing around with the app and has provided extremely useful feedback. You guys help us build an awesome product, thank you for that :).

Some questions reached us through the media, that we would like to answer. Perhaps they're best illustrated by the famous words of Dee Dee: "Ooooh, what does this button do?".

The questions that were raised thoroughly surprised us: people using our app were very enthusiastic and asked about features or made requests for future features. People not using our app had other questions with a different focus. Almost all of these questions revolved around the same theme: our business model. Since we value clarity above all, let's answer them right now:

First question: How are you going to make money? Surely you are going to <first idea that pops in your head>

Answer: no, we are not going to sell your data. No, the fees we ask for the debit cards are not our primary source of income. No, we aren’t going to do <whatever> to create revenue.

It’s extremely simple: we’re going to provide paid business accounts for, well ehm, businesses. These subscription fees will be our income. That’s it. Couldn’t be easier, right?

Q: What about cards then? 80 cents for a money withdrawal?

Answer: yes it's a lot, that's why we said don't use it! Using bunq however is completely free. Our customers use bunq daily to pay their friends, split their bills and set up dedicated bank accounts at will, in realtime, for free. That's what bunq is for, not to withdraw cash.

Our users are also very happy with their debit card because it makes sharing just so much easier. On average this boils down to just 3 PIN payments a week, which is only 48 cents a month. Yes, that's the equivalent of 6 minutes of paid parking in Amsterdam. Ouch. 

Q: Oh but surely you are going to sell customer data then?

Answer: no. No, no, no, no, no. We really value our privacy, but we embrace yours even more. We can’t stress this enough: we have no intention whatsoever to sell your data. There is nothing more important to us than keeping both your money and data safe. 

The question that should've been asked: what does the future hold?

Answer: we love developing new features. And making products our customers love. Therefore the future holds many, many bright things. We'll only tell you when the time is right though. Everybody loves a surprise!

- bunq