bunq Enters US Market with Broker-dealer License Approval
The Financial Industry Regulatory Authority (FINRA), a private American corporation that acts as a self-regulatory organisation regulating member brokerage firms and exchange markets, has approved bunq, Europe’s second-largest neobank and fintech company, to operate as a US broker-dealer.
This move is driven by users who live, work and invest across both Europe and the US and this approval marks bunq’s first step in bringing its user-centric products across the Atlantic. The approval marks a major milestone for the Amsterdam-based bank,
This registration enables the bank to offer American customers investment services while awaiting a full banking license. Bunq had initially submitted a request to operate in the US in April 2023.
A neobank is bank that operates entirely online without physical branch locations. bunq has previously filed a broker-dealer registration with American regulators, including FINRA and the US SEC.
As an approved broker-dealer, bunq will be able to bring its US stocks offering to American users, giving them access to self-directed investing, including mutual funds and ETFs, as part of its wider product rollout.
bunq is expanding to bring its user-centric approach to the millions of digital nomads, expats, international entrepreneurs, and remote professionals with ties to both sides of the Atlantic; a model that has already attracted more than 20 million users across Europe.
Making Life Easy
Serial entrepreneur and bunq’s Founder and CEO Ali Niknam said that their users roam the world, live, work, and travel across borders. For many, the US is an important part of their lives. Hence the neobank is excited to bring bunq stateside and make life easy for Americans and anyone who calls it home, he said.
The news comes as bunq continues to build momentum globally, having recently announced its user base surpassing 20 million users across Europe. The company has also set its sights on the UK, applying for an EMI license as part of its ongoing international expansion.
In 2024, the bank lost $11.66 million due to fraud by customers and despite these losses, bunq is pressing forward with international expansion, targeting both the US and the British Isles.
Founded in 2012 by 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 those with an international lifestyle 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.
