Dutch digital bank bunq has reported a 65% increase in full-year profit and is intensifying its efforts to enter the US market by filing for a broker-dealer license.
With 17 million users, bunq claims to be the second largest neobank in Europe. The bank applied for a US banking license in 2023 but withdrew its application the following year. Now, bunq plans to resubmit its request later this year, taking a two-step approach by first targeting a broker-dealer license.
This broker-dealer license will enable bunq to provide American users with investment and cash management features, including automatic transfers to FDIC-insured accounts. In partnership with Mastercard, bunq will also offer debit cards, although it will not be able to provide savings accounts at this stage. This initial process will allow bunq to gather operational insights and user feedback ahead of reapplying for a full banking license later this year.
Bunq already holds a banking license in the EU and is seeking to become 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 push into the US market coincides with the release of annual accounts revealing that bunq’s net profit rose to €85.3 million in 2024, a substantial increase from €51.6 million in 2023.