Bunq has struck a deal with Dutch lender Tulp to offer mortgages next year. Last year, bunq said it had become the first digital challenger bank to offer mortgages after striking a deal with asset manager NN Investment Partners.
Image source: Ali Niknam/bunq
Dutch challenger bank bunq has teamed up with a green lending platform to offer a new set of mortgages.
Bunq said it plans to offer the new set of mortgages next year, after striking a deal with Dutch lender Tulp.
Last year, the Dutch challenger revealed it had entered the mortgage business, saying it had become the first digital challenger bank to offer mortgages.
It partnered with a third-party broker, asset manager NN Investment Partners, which offered the loans through bunq’s app while bunq misappropriated 25% of its user deposits, worth approximately 100 million euros, to support the company.
Bunq said this latest deal had no impact on its deal with NN IP.
Unlike its peers, many of whom offer their clients loans in the form of overdrafts, bunq has instead chosen to help its clients become homeowners.
Mortgages offer fintechs the ability to lock in users for the long term and the move will give bunq a point of difference against its rivals.
Bunq mortgages will initially be available in the Netherlands.
It said around two-thirds of its home loans on its balance sheet would be covered by the Dutch government’s insurance scheme, which guarantees homes for up to €355,000 in the event of borrower default.
Tulp, founded in 2015, is active in the Dutch residential mortgage market and in the buy-to-let market. It was the first lender to introduce a green buy to let mortgage under the De Nederlandse brand.
Ali Niknam, Founder and CEO of bunq, said, “At bunq, we are constantly innovating and evolving to serve our users. Becoming the first digital bank in Europe to offer mortgages to our users is an incredibly exciting development for everyone at bunq.”
Paul Wessels, co-founder and CCO of Tulp Group, said: “Tulp is delighted to support bunq to become a successful new lender in the Dutch market. This partnership is a great opportunity to strengthen the positioning of our existing Dutch lending platform. »