European Neobank bunq Seeks US Broker-Dealer Licence

bunq, the second largest neobank in Europe, is moving forward with its US banking license process. The company on Tuesday said that it has filed for a broker-dealer license as part of a two-phase strategy to enter the US market. This step will enable bunq to gather operational insights and user feedback before reapplying for a full banking license later this year.

As bunq expands into the US, it is bringing its proven, user-centric model to a community of nearly 5 million digital nomads, expats, international entrepreneurs, and remote professionals—EU or US citizens with deep ties on both sides of the Atlantic.

This mobile, location-independent audience has driven bunq’s growth in Europe to 17 million users had fuelled two consecutive years of profits. The company has reported profits of $96.18 million, which will be reinvested to accelerate its global expansion.

Founder and CEO of bunq and serial entrepreneur Ali Niknam said that the bank’s users live an international lifestyle, and they need a bank that’s global too.

“As the bank grows, 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,” Niknam said.

Broker-Dealer Licence in US

bunq has filed for a broker-dealer license with Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) in the US. This first step will allow American 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 will also introduce debit cards.

The company is now awaiting regulatory approval and continues discussions to strengthen its global offering and expand its presence in the US.

Founded in 2012, 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.

Pioneering many things considered impossible, bunq was the first bank to get a European banking permit in over 35 years, raised the largest series A round ever secured by a European fintech ($217.62 million), and was the first EU neobank to achieve structural profitability at the end of 2022. On its mission to build the first global neobank for digital nomads, bunq recently announced its fast-tracking its entry in the US by applying for a broker-dealer license and planning to reapply for the full banking license later the same year.