Business accounts: Source of Funds

bunq

Hey bunqers 🌈,

When opening your Business account, whether it's a new venture or an already operating one, we may ask for the Source of Funds (SoF) This simply means we need to know where your money is coming from. It helps us follow financial regulations and keep our banking environment safe and secure. Don’t worry—it’s all part of making sure everything is above board and your business is protected.

For new businesses with no past income, you can provide one of the following documents:

A detailed business plan outlining projected income and expenses.
Initial funding sources, such as savings, loans, or investments.
Past employment contract (No older than 1 year).
Personal bank account statements of a savings account.
Payslip from employment (No older than 3 months).

Providing these documents helps us understand your business better and ensures a smooth onboarding process.

I just registered my company and there are no funds. Why do I need to provide this document?

Even if your company doesn’t have any funds yet, we still need to ask about the Source of Funds (SoF).This is part of our legal checks to prevent money laundering and to get to know your business better (you might hear it called AML and KYB).

You don’t always need to show money already in the bank. Instead, you can simply tell us where the funds are expected to come from.

For example:

Capital from personal savings.
Documents highlighting an investment you’re planning on receiving.
Loan from founder or third party (Can also be an application).

How recent should my Source of Funds document be?

Make sure your Source of Funds (SoF) documents are up-to-date

They should reflect your current financial situation and the money you expect to use for your business. In most cases, this means the documents should be dated within the last 3 months. The timeframe can vary depending on where the funds are coming from:

Startup capital or founder contributions: Bank statements or proof of funds within the last 3 months.
Investor funding: Recent investment agreements or confirmation letters, ideally from the current funding round.
Grants, loans, or seed funding: Signed agreements dated within the last 6–12 months may be acceptable if supported with recent disbursement evidence.
Sale of assets or inheritance: Older documents may be accepted if the funds are traceable and clearly linked to the business.