A day after the Financieele Dagblad reported that Bunq had taken a shareholder to court in dispute over new investments, the online bank said it had secured an additional €44.5 million in growth capital. 

The cash comes from founder Ali Niknam, Pollen Street Capital, and Bunq’s chief information officer Raymond Kasiman, the company said in a statement on Monday. PSC was the British investor at the heart of the court case. 

The funding brings the total capital injected into Bunq to €100 million this year. The new money will allow the bank to “accelerate its international expansion and continue its rapid growth,” the statement said. 

Niknam launched a legal case against London-based investment group PSC after it apparently pulled out of a deal to put more money into the company. According to Bunq the deal had been agreed last month.

However, Amsterdam’s commercial court ruled in favour of PSC, stating that Bunq’s negotiator in the talks was not authorised to do the deal.

In addition, the court said an email sent by Bunq to PSC on June 18 email, which it described as “brief staccato bullet points”, was nothing more than a stage in the negotiations, rather than a final agreement.

PSC paid €168 million for just under 10% of the online bank two years ago, valuing the company at €1.6 billion. 

The company booked its first net profit in the final quarter of 2022 and say it expects to book its first full year of profit in 2023.