As it reports a 65% surge in full-year profit, Dutch digital bank bunq has stepped up its effort to crack the US, filing for a broker-dealer licence in the country.
Bunq, which with 17 million users claims to be the second largest neobank in Europe, applied for a US banking license in 2023 but withdrew the application the following year.
It plans to resubmit later this year but is taking a two-step approach, first targeting a broker-dealer licence.
This will allow it to offer American users investing and cash management features such as automatic transfers to FDIC-insured accounts. Through its partnership with Mastercard, the mobile bank will also introduce debit cards but it will not be able to offer a savings account.
The process will also let it gather operational insights and user feedback before reapplying for a full banking license later this year.
Bunq already has a banking licence in the EU and has applied to be an Electronic Money Institution in the UK.
“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”, says Ali Niknam, founder and CEO of bunq. “That’s why we’re fast-tracking our entry into the US. Today’s step brings us closer to making that vision a reality.”
The US move comes as annual accounts filed this week show that bunq's net profit increased to €85.3 million in 2024 - a 65% jump from €51.6 million in 2023.