European challenger bank bunq has been approved by US regulator FINRA to act as a broker dealer in the US market.
The approval marks bunq's first step into the US market and the first phase of its plan to expand in North America.
It will allow users of the mobile bank to invest in US stocks, mutual funds and ETFs.
The regulatory approval comes after bunq posted positive results for 2024, its second consecutive profitable year.
According to bunq, the decision to target the US is based on its growing user base in the region.
“Our users roam the world – they live, work, and travel across borders,” said Ali Niknam, founder and CEO of bunq. “For many, the US is an important part of their lives."
The next target for bunq is the UK market where it has applied for an EMI licence.