Europe’s second largest neobank bunq is aiming for US expansion after moving forward with its banking licence application.
bunq, which has more than 17 million users in Europe, has filed for a broker-dealer licence as part of a two-phase strategy to enter the US market, a significant step forward for the neobank’s ambition to become a global banking platform.
The Amsterdam-based digital bank revealed that the US banking licence process will enable the firm to “gather operational insights and user feedback before reapplying for a full banking licence later this year”.
bunq has filed for a broker-dealer license with FINRA and the Securities and Exchange Commission. This licence would enable the firm to allow US users to invest in stocks, mutual funds, and ETFs, while also offering cash management features, such as automatic transfers to FDIC-insured accounts. Through its partnership with Mastercard, the mobile bank also intends to introduce debit cards.
Ali Niknam, Founder and CEO of bunq, provided further insight, stating: “Our users live an international lifestyle, and they need a bank that’s global too. As we grow, it’s clear how much they need a bank that works for them, wherever life takes them.
“That’s why we’re fast-tracking our entry into the US. Today’s step brings us closer to making that vision a reality.”
Founded in 2012 by Niknam, bunq offers its customers online banking services and alternative payment methods that parallel the rise of digital banking and payment consumer adoption.
While many of its core offerings, such as bank accounts, autoaccept services, and customisable digital wallets, will be available to US consumers, it will not be able to offer its savings accounts if its US bank licence application is confirmed.
A growing footprint
The news of bunq’s intentions to enter the US market comes after the neobank recorded a 65% increase in profits for 2024 to €85.3m. bunq stated that this will help accelerate its global expansion.
A key focus for bunq in the US market will be to tailor its cross-border transfer and payment solutions to digital nomads and expats working in the country to be able to send money back home, whether that be to Europe or other territories.
The company is now awaiting regulatory approval from relevant US authorities to continue the bank licence process.
