Dutch digital bank Bunq partners with Paysafe to offer cash deposits

Netherlands-based challenger bank Bunq has partnered with payments platform Paysafe as it looks to offer cash deposit services to its digital banking customers.

Bunq will utilise Paysafe’s eCash solution Paysafecash

In a joint announcement, the two companies say the partnership will facilitate “quick and secure cash deposits” using the Bunq mobile app by utilising Paysafe’s eCash solution Paysafecash.

The app will generate a barcode for the transaction which can then be scanned at one of 190,000 payment points where Paysafecash is available. The companies say cash can then be paid into the terminal and will appear in the user’s account “within minutes”.

The new services will be rolled out internationally, starting with 21 European countries.

Ali Niknam, founder and CEO of Bunq, says: “Teaming up with Paysafe means Bunq users in even more European countries now have a safe and easy way to add cash to their Bunq accounts.”

The partnership comes on the back of Bunq’s $228 million Series A funding round in July. The firm is now valued at around $1.9 billion and claims to have surpassed $1 billion in user deposits.

Paysafe meanwhile has been busy with acquisitions, striking a hat-trick of deals in August for German digital payments firm viafintech and South American firms SafetyPay and PagoEfectivo to boost its global expansion and eCash services.