How bunq runs payroll compliantly in 5 countries with Deel Global Payroll

Founded in 2012 by serial entrepreneur Ali Niknam, bunq has brought lasting change to the European banking industry. By having its users at the heart of the business and building a product rooted in their wants and needs, bunq quickly scaled to become the second largest neobank in the EU. Serving digital nomads across the European Economic Area, bunq makes life easy for location-independent people and businesses starting from the way they manage money: how they spend, save, budget and invest.

As bunq expanded globally, it needed to quickly build skilled teams in new markets. When opening new branches in core markets, the challenger required a swift response when navigating compliance in each country it wanted to hire in.

A truly international team required managing payroll in a timely and effective manner. Using multiple providers for each territory would be costly and time-consuming, with scattered data and disparate experiences depending on the region.

Opting to centralize global payroll and hiring management on a single platform was the most efficient thing to do for a company with global ambitions.

Luc de Ridder, Talent Acquisition Lead at bunq, explained, “We were looking for a global partner that could support our rapid growth while making sure we comply with local laws and regulations and keeping up with our rapid growth.”

With Deel, bunq found a partner that helped scale at its pace, streamlining global payroll, hiring and onboarding in one platform.

"We explored various vendors, and Deel stood out as the only provider capable of supporting every phase of our local growth, enabling swift onboarding without the need for a local entity. Their responsive communication and proactive approach completely aligns with our values and needs,” mentioned de Ridder.

Using Deel EOR and Deel Contractor Management, it was able to grow its team and hire fast in the countries where it needed to build a presence, achieving the company’s goals of scaling its international business.

On the other hand, running payroll through Deel Global Payroll in 5 countries where it has its own entities, made a significant difference for its team.

Deel helped them save time, money, and effort on things like:

• Vendor selection processes
• Language barriers
• Dealing with localized payroll practices
• Having to manually unify different types of reports and scattered data

bunq is actively hiring internationally and will continue using Deel EOR, Deel Global Payroll, and Deel Contractor Management to run payroll and hire as it grows. Deel's speed, coverage, and reliable customer support make it a great match for supporting bunq's growth.

By using Deel, bunq has saved time and money, De Ridder says, “We’ve been able to save +20% of local setup costs because we have an all-in-one solution, a single partner that understands our needs and provides a tailored solution when it comes to payroll, hiring and onboarding”.