Dutch challenger bank Bunq told CNBC that it plans to grow its global headcount by 70% this year to over 700 employees, even as other financial technology startups have decided to cut jobs.
Bunq, which operates in markets across the European Union, is looking to expand into new regions including the U.K. and the United States, taking on the fintechs already in those countries, including the likes of Britain’s Monzo and Revolut, and American neobank Chime.
Bunq said it needs corresponding talent in those regions to support its global expansion ambitions. To that end, the firm said it plans to see out the year with 735 employees globally — up 72% from its 427 members of staff at the start of 2024.
“Bunq focusses on digital nomads who tend to roam the world,” Ali Niknam, Bunq’s CEO and co-founder, told CNBC via emailed comments.
So-called “digital nomads” are defined as people who travel freely while working remotely, using technology and the internet to work abroad from hotels, cafes, libraries, co-working spaces, or temporary housing.
“We’d love to be able to service our users wherever they go — given the regulatory environment we’re in, this results in us having to have a lot of extra people to make this happen,” Niknam added.
Bunq is currently in the process of applying for banking licenses in both the U.S. and U.K. Last year, the firm submitted an application for a federal banking license. And in the U.K., Bunq is awaiting a decision from financial regulators on an application to become a licensed e-money institution, or EMI.
The digital bank said it was actively looking to hire across sales and business development, product marketing, PR, affiliate marketing, and market analysis, as well as user support, development, and quality assurance.
Many of these positions will be part of a “tailored digital nomad” program that allows staff to work from anywhere in the world, Bunq said.
However, the firm stressed it’s not closing down office space and that many new hires would work in its offices, including in Amsterdam, Sofia, Istanbul, Munich, Paris, Dublin, Madrid, London, and New York City.
A contrast from jobs cuts at other fintechs
Over the past two years, one of the biggest stories in both the fintech and broader technology industry has been companies slashing jobs to cut back on the massive spending implemented during in the pandemic years of 2020 and 2021.
The operating environment for fintech firms has gotten tougher, meanwhile, with inflation knocking consumer confidence and higher interest rates making it harder for startups to raise money.
Meanwhile, some fintechs are looking to artificial intelligence to take on a growing number of roles.
Swedish buy now, pay later firm Klarna, for instance, said last month that it was able to reduce its workforce from 5,000 to 3,800 over the past year from attrition alone. It added that it is looking to further cut employee numbers down to 2,000 through the use of AI in marketing and customer service.
“Our proven scale efficiencies have been enhanced by our investment in AI, which has driven down operating expenses and improved gross profits,” the company said in first-half earnings.
Klarna said that its average revenue per employee had risen 73% year-over-year, thanks in no small part to the internal application of AI.
Bunq’s Niknam said he doesn’t see AI as a way to help firms reduce headcount, however.
“We’ve been deploying AI systems and solutions years before they became mainstream, [but] in our experience AI empowers our employees to be able to do better by our users, more effectively and efficiently,” he told CNBC.
Bunq earlier this year reported its first full year of profitability, generating 53.1 million euros ($58.51 million) in net profit in 2023. The business was last valued privately by investors at 1.65 billion euros.
People shop for produce at a Walmart in Rosemead, California, on April 11, 2025.
Frederic J. Brown | Afp | Getty Images
A growing number of Americans are using buy now, pay later loans to buy groceries, and more people are paying those bills late, according to new Lending Tree data released Friday.
The figures are the latest indicator that some consumers are cracking under the pressure of an uncertain economy and are having trouble affording essentials such as groceries as they contend with persistent inflation, high interest rates and concerns around tariffs.
In a survey conducted April 2-3 of 2,000 U.S. consumers ages 18 to 79, around half reported having used buy now, pay later services. Of those consumers, 25% of respondents said they were using BNPL loans to buy groceries, up from 14% in 2024 and 21% in 2023, the firm said.
Meanwhile, 41% of respondents said they made a late payment on a BNPL loan in the past year, up from 34% in the year prior, the survey found.
Lending Tree’s chief consumer finance analyst, Matt Schulz, said that of those respondents who said they paid a BNPL bill late, most said it was by no more than a week or so.
“A lot of people are struggling and looking for ways to extend their budget,” Schulz said. “Inflation is still a problem. Interest rates are still really high. There’s a lot of uncertainty around tariffs and other economic issues, and it’s all going to add up to a lot of people looking for ways to extend their budget however they can.”
“For an awful lot of people, that’s going to mean leaning on buy now, pay later loans, for better or for worse,” he said.
He stopped short of calling the results a recession indicator but said conditions are expected to decline further before they get better.
“I do think it’s going to get worse, at least in the short term,” said Schulz. “I don’t know that there’s a whole lot of reason to expect these numbers to get better in the near term.”
The loans, which allow consumers to split up purchases into several smaller payments, are a popular alternative to credit cards because they often don’t charge interest. But consumers can see high fees if they pay late, and they can run into problems if they stack up multiple loans. In Lending Tree’s survey, 60% of BNPL users said they’ve had multiple loans at once, with nearly a fourth saying they have held three or more at once.
“It’s just really important for people to be cautious when they use these things, because even though they can be a really good interest-free tool to help you kind of make it from one paycheck to the next, there’s also a lot of risk in mismanaging it,” said Schulz. “So people should tread lightly.”
Lending Tree’s findings come after Billboard revealed that about 60% of general admission Coachella attendees funded their concert tickets with buy now, pay later loans, sparking a debate on the state of the economy and how consumers are using debt to keep up their lifestyles. A recent announcement from DoorDash that it would begin accepting BNPL financing from Klarna for food deliveries led to widespread mockery and jokes that Americans were struggling so much that they were now being forced to finance cheeseburgers and burritos.
Over the last few years, consumers have held up relatively well, even in the face of persistent inflation and high interest rates, because the job market was strong and wage growth had kept up with inflation — at least for some workers.
Earlier this year, however, large companies including Walmart and Delta Airlines began warning that the dynamic had begun to shift and they were seeing cracks in demand, which was leading to worse-than-expected sales forecasts.
Check out the companies making headlines in midday trading: T-Mobile — Shares pulled back 11% after the company’s wireless subscribers for the first quarter missed Wall Street estimates. T-Mobile reported 495,000 postpaid phone additions in the first-quarter, while analysts polled by StreetAccount were looking for 504,000. Alphabet — The Google parent company gained about 2% on the heels of better-than-expected first-quarter results . Alphabet reported $2.81 per share on revenue of $90.23 billion, while analysts polled by LSEG forecast $2.01 in earnings per share and $89.12 billion in revenue. Skechers — Shares fell 4.8% after the footwear maker posted weaker-than-expected revenue for the first quarter and withdrew its 2025 guidance due to ” macroeconomic uncertainty stemming from global trade policies .” The company’s earnings for the quarter came in above analysts’ estimates, however. Gilead Sciences — The biopharmaceutical stock fell 2.5% after first-quarter revenue came in at $6.67 billion, missing the consensus forecast of $6.81 billion from analysts polled by LSEG. However, the company earned $1.81 per share, excluding items, in the quarter, beating Wall Street’s estimate of $1.79 a share. Saia — Shares of the shipping company fell 31% after first-quarter results missed estimates and showed a slowdown in March. Saia reported $1.86 in earnings per share on $787.6 million in revenue. Analysts surveyed by FactSet were expecting $2.76 in earnings per share on $812.8 million in revenue. BMO Capital Markets downgraded the stock to market perform from outperform and said the issues were “company specific.” Intel — The chipmaker declined 7% after Intel’s current quarter missed investors’ expectations. Intel forecast revenue in the June quarter of $11.8 billion at the midpoint, while consensus forecasts called for $12.82 billion, per LSEG. Management anticipates earnings will break even. Intel also announced plans to reduce both its operational and capital expenses. Boston Beer — Shares of the Samuel Adams brewer were more than 1% higher after better-than-expected first-quarter results. Boston Beer notched earnings per share of $2.16 on revenue of $453.9 million, while analysts polled by FactSet were looking for 56 cents per share on revenue of $435.6 million. Boston Beer cautioned that tariffs could hurt full-year earnings. Tesla — The Elon Musk-helmed electric vehicle company surged 10%. Shares have advanced more than 17% this week as the broader market tries to recover from a steep sell-off for much of April. — CNBC’s Jesse Pound, Alex Harring and Sean Conlon contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
Check out the companies making headlines before the bell: Meta Platforms — The Facebook and Instagram parent jumped about 3%. Meta cut staff in its Reality Labs division, CNBC reported. Alphabet — The Google and YouTube owner climbed more than 4% after first-quarter results topped Wall Street expectations. Alphabet earned $2.81 per share on $90.23 billion in revenue for the quarter, while analysts surveyed by LSEG had estimated $2.01 per share and $89.12 billion in revenue. T-Mobile — Shares of the telecommunications company fell 5.5% after it reported fewer first-quarter wireless phone subscribers than the Street expected, seeing 495,000 postpaid phone additions versus analysts’ call for 504,000, according to StreetAccount. Earnings and revenue for the first quarter topped Street estimates. Intel — The chipmaker fell 7.2% after the outlook for the current quarter disappointed investors. Intel guided for revenue in the June quarter to come in at $11.8 billion at the midpoint, less than consensus calls for $12.82 billion, according to LSEG. Management anticipates earnings will break even. Intel also announced plans to reduce its operational and capital expenses. Gilead Sciences — The biopharmaceutical stock slid 3.9% after posting first-quarter revenue of $6.67 billion, missing the consensus estimate of $6.81 billion from analysts polled by LSEG. Gilead earned $1.81 per share, excluding items, in the quarter, while Wall Street penciled in $1.79. Skechers — The footwear maker slumped 6% after reporting lower-than-expected first-quarter revenue and withdrew its 2025 forward financial forecasts on account of ” macroeconomic uncertainty stemming from global trade policies .” Skechers’ bottom-line results came in above analysts’ forecasts. Charles Schwab — The financial services provider advanced 1.4% after Goldman Sachs upgraded shares to buy from neutral, calling Schwab a resilient growth stock amid an uncertain backdrop. Hasbro — The toy company rose about 1% one day after soaring 15%. Citigroup raised its investment opinion to buy from neutral, saying Hasbro’s stronger-than-expected Wizards of the Coast business outweighs any uncertainty stemming from tariff policy, according to analyst James Hardiman. Boston Beer — Shares of the Samuel Adams brewer rose nearly 3% after first-quarter results beat expectations. Boston Beer generated $2.16 in earnings per share on $453.9 million of revenue, while analysts surveyed by FactSet looked for 56 cents per share on $435.6 million in revenue. Boston Beer warned in its outlook that tariffs could hurt full-year earnings. — CNBC’s Alex Harring and Jesse Pound contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!