Stay up to date with the latest news from the Netherlands! Enjoy reading!
Mobile payments on the rise (Dutch Payments Associations)
Research conducted by the Dutch Payments Association and De Nederlandsche Bank reveals a notable trend towards contactless payments, particularly via mobile devices, with over 70% of cash register transactions being contactless by 2023. The share of mobile payments increased significantly during the same period, indicating a shift away from traditional debit card usage. This trend is expected to continue, with contactless payments via mobile devices projected to become the most common method at the cash register by 2024. Furthermore, there has been a decrease in the frequency of debit card insertion, especially for smaller amounts, while cash usage has remained stable at approximately 20% of purchases, indicating continued preference for cash for certain transactions despite the rise of digital payment methods. Read more
Uber leads $100M investment in African mobility fintech Moove as valuation hits $750M (TechCrunch)
African mobility fintech Moove has secured $100 million in funding, led by Uber, marking the ride-hailing giant’s first investment in the continent. The round, which includes sovereign wealth fund Mubadala and other investors, boosts Moove’s valuation to $750 million. Moove plans to expand its revenue-based vehicle financing platform to 16 markets by 2025, focusing on electric vehicles and partnerships with platforms like Bolt. Despite challenges such as fuel price hikes in Nigeria, Moove remains committed to its mission of providing vehicle financing and employment opportunities across Africa. Read more
Bunq raises €29 million from shareholders (RTLNieuws)
Bunq shareholders have pledged €29 million in additional investment for the company this year, with €22 million already received, according to CEO Ali Niknam. The funds are needed to support the bank’s growth, particularly as total user funds surged by 287% to €6.92 billion in 2023, requiring increased equity to meet European Central Bank capital ratios. Despite setbacks such as the withdrawal of a US banking license application, Bunq aims to expand further in the UK and US, with Niknam expressing confidence in higher profits for 2024 following the bank’s first year of positive profit figures in 2023. Read more
Pay rises outstrip inflation in Q1, as catch up continues (DutchNews)
In the first quarter of 2024, pay rises negotiated between unions and employers averaged 6.8%, slightly lower than the final quarter of 2023, according to the national statistics agency CBS. The largest increase, at 12.4%, was for workers in housing corporations, followed by teaching and hospitality industry unions negotiating rises of over 10%. In the care sector, wages increased by over 7%. When corrected for inflation, the average rise was 4.3%. This marks the second consecutive quarter where rises have exceeded inflation, following a period of high inflation in 2022 due to energy price increases after the Russian invasion of Ukraine. Despite the current inflation rate of around 3%, which is expected to drop to 2% next year, wage costs increased by 6.9%, primarily due to rising incapacity benefit premiums paid by employers. Read more
Bunq becomes first EU neobank to report annual profit after surge in users and interest rate boost (CityAm)
Dutch mobile banking firm Bunq has reported an annual profit of €53.2 million in 2023, marking a significant turnaround from a €10.5 million loss in 2022. With over 11 million users, Bunq has become the second-largest neobank in the EU, largely attributing its success to a surge in customer base and increased user deposits, which reached €6.92 billion by the end of 2023. The company’s earnings were further bolstered by favorable interest rates from the European Central Bank, leading to a significant increase in net interest income and the introduction of competitive savings products. Bunq is now eyeing expansion beyond the EU, with plans to re-enter the UK market and pursue a global neobank status, along with considerations for a potential stock market listing. Read more
Booking.com was under tightened supervision for a year due to several data leaks (NL Times)
Booking.com was placed under tightened supervision by the Dutch Data Protection Authority (AP) last year due to its delayed reporting of data leaks, despite being fined €475,000 three years prior. The supervision, which lasted for a year beginning in January 2023, aimed to ensure timely reporting of data breaches and assess the implementation of security measures to prevent future incidents. The company had previously faced scrutiny for late reporting of a data breach in December 2018, leading to cybercriminals accessing sensitive user information, including credit card details. Despite the end of the tightened supervision, Booking.com remains committed to prioritizing the privacy and security of personal data, pledging significant investments in data protection measures and response capabilities. Read more
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