Ali Niknam has built Dutch fintech Bunq into one of Europe’s biggest neobanks. But he fears the Netherlands is now driving entrepreneurs away.

The Bunq founder and CEO is alarmed by the country’s business mindset. He believes risk-aversion, growing insularity, and hostility to ambition are pushing talent overseas.

“Many of the best entrepreneurs I know have either left or are considering leaving,” Niknam tells TNW.

Surveys back him up. A poll last year found that almost one in five Dutch entrepreneurs were considering relocating — up from nearly one in eight in 2023.

Another study found that 24% of large companies were contemplating moves abroad — nearly double the share from the year before. 

Tech scaleups are also mulling exits. One of the country’s biggest — software unicorn Bird — recently announced plans to shift operations out of the country. The company’s CEO blamed “over-regulation” and a bad climate for tech businesses.

Niknam — who’s set to speak at TNW Conference on June 20 in Amsterdam — has his own critiques of the Dutch business landscape. He calls its support for entrepreneurship “among the worst” he’s seen. Yet he still has deep faith in the country’s talent pool. 

“There are very few countries I know that have such amazing, creative, smart people as the Dutch,” he says. 

Those people have been integral to Bunq’s rapid growth.

Building bridges at Bunq

Niknam’s idea for Bunq emerged in the wake of the 2008 financial crisis. One of the causes, he believes, was groupthink at incumbent banks. He founded Bunq in 2012 to create an alternative. 

To create a new approach to banking, Niknam sought to embrace diverse ideas. He points to the company’s approach to proposals, which can be pitched anonymously — even to Niknam himself.

“On the one hand, that’s better for the company — the best ideas win. And on the other hand, it makes it more fair, because all that counts is the quality of your idea, not who you know, where you’re brought up, or what school you attended.”

The strategy delivered rapid results. In 2015, Bunq became the first Dutch company in 35 years to obtain a greenfield banking license. It then grew into Europe’s second-largest neobank after Revolut — and one of the few to achieve profitability. The company now boasts over 17 million users with more than €8bn in deposits.

Outside Bunq, however, Niknam sees a country that’s becoming more closed. He believes the Netherlands is abandoning its internationalist roots, which is damaging its tech ecosystem and chasing talent away. 

“Historically, the Netherlands has been very entrepreneurial, very international… when this country retreats and closes the doors is when things start to get worse.”

Even the country’s vast pension funds, he notes, avoid backing Dutch startups. “They know the returns are going to be less,” he says. “Why are the returns less? Because it’s a small country, and it is retreating and starting to focus within its own borders.”

He contrasts the mood with developments in the Baltics. The region’s tech ecosystem has attracted admiring glances for its optimism, openness, and rapid growth. Niknam feels that many people in the Netherlands take their rights for granted.

“It’s maybe a little bit of an entitlement disease — that we have forgotten that all these wonderful things that we enjoy today, somebody worked for them really, really hard,” he says.

Niknam feels the Netherlands has become too risk-averse and inward-looking. Despite the liberal stereotype, Dutch society can be surprisingly conservative. 

That caution, Niknam says, is embedded in the culture — even in local proverbs. One goes: “Steek je kop niet boven het maaiveld uit.” Loosely translated: “Don’t stick your head above the mowing line.” If you do, it might get chopped off.

In Niknam’s eyes, that mentality thwarts ambitious entrepreneurs.

“Success is not only not celebrated, but you’re almost faulted for being successful,” he says. 

The international return

The Netherlands is also losing its appeal to international talent. Over nine in ten expats and migrant workers no longer even consider coming to work in the country, according to research from last year.

Tech firms have raised major concerns over losing access to global talent. The chip equipment maker ASML — the largest company in the Netherlands — has threatened to move abroad because of the country’s hardening stance on migrants.

Peter Wennink, ASML’s former CEO — who will also speak at TNW Conference — recently warned against losing access to skilled workers. “If we cannot get those people here, we will get those people in Eastern Europe or in Asia or in the United States,” he said.

Still, Niknam believes the tide can turn. For change to come, he believes the “silent majority” — those who value openness and diversity — must speak up. 

Despite its problems, Niknam remains upbeat about the future for tech businesses in the Netherlands.

“The people are great. The schooling is great. The infrastructure is great,” he says. “It is simply changing the attitude and mindset — which can happen in a relatively short amount of time — that will make all the difference.”

If you want to catch the talks by Niknam and Wennink — or anything else on the agenda for TNW Conference — we have a special offer for you. Use the code TNWXMEDIA2025 at the checkout to get 30% off your ticket.