Neobank Bunq Sets Course for US Banking License

European neobank Bunq is on the road to getting a banking license in the United States.

The company filed for a broker-dealer license, part of a two-stage strategy to enter the American market, according to a Tuesday (April 15) news release. With this step, the company can collect operational insights and user feedback before reapplying for a full banking license later in the year.

“As Bunq expands into the U.S., 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 U.S. citizens with deep ties on both sides of the Atlantic,” the release said.

This audience, which the release said is “mobile” and “location independent,” has driven Bunq’s growth in Europe to 17 million users and led to two consecutive years of profits. The company reported profits of 85.3 million euros (about $96.1 million) in its annual accounts for 2024, money that will be reinvested to speed its global expansion.

“Our users live an international lifestyle, and they need a bank that’s global too,” Bunq founder and CEO Ali Niknam said in the release. “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 U.S. Today’s step brings us closer to making that vision a reality.”

Bunq filed for a broker-dealer license with the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC), according to the release. This will allow U.S. customers to invest in stocks, mutual funds and ETFs, while also offering cash management features such as automatic transfers to FDIC-insured accounts. In partnership with Mastercard, Bunq’s mobile bank will introduce debit cards.

The PYMNTS Intelligence report “The State of Digital Lending Readiness” found more automation in consumer lending processes than those designed for small- to medium-sized businesses (SMBs).

While 70% of financial institutions have mostly automated consumer lending, roughly one-third have achieved similar automation for SMB lending.

“This automation gap translates to slower fulfillment times, with only 1 in 4 banks able to complete the loan process from application to disbursement for both consumers and SMBs on the same day,” PYMNTS wrote April 3. “…The report also identified internal roadblocks hindering the adoption of digital lending platforms, including organizational reluctance, technical integration issues and budget constraints.”