bunq has
submitted a fresh application for a US national bank charter with the Office of
the Comptroller of the Currency, the Dutch neobank announced today (Wednesday).
The move comes roughly two years after the company withdrew its initial attempt
to enter the American banking market.

Ali Niknam,
the company’s Founder and CEO, said the timing reflects what he sees as a
favorable regulatory environment. “We believe that this is a unique
opportunity for us,” Niknam said in an interview.

The company
is betting on a market it knows well: professionals who split their time
between the US and Europe but struggle to maintain banking relationships on
both sides of the Atlantic. bunq’s core audience includes digital nomads and
expats who often hit roadblocks when trying to open accounts abroad, partly
because of US tax reporting requirements that make foreign banks wary of
American clients.

“We
believe there’s far more people out there that would benefit from this global
bank account,” Niknam said, pointing to millions of Europeans living in
the US and Americans living in Europe who face banking access issues.

Second Attempt Follows
Broker-Dealer Win

bunq isn’t
starting from scratch this time. The company
secured a broker-dealer license from FINRA in October, which allows it to offer stocks,
ETFs, and mutual funds to US customers.

The firm
wasn’t alone in obtaining broker-dealer approval last year. Crypto
platform Archax bought US broker-dealer Globacap Private Markets, while Hidden Road
Partners secured FINRA approval shortly before Ripple’s $1.25 billion acquisition of the company.

The
broker-dealer license was part of bunq’s phased entry strategy. Now with the
banking application filed, the company can move toward offering full deposit
accounts and payment services if approved.

bunq first
applied for a US banking license in 2023 but withdrew the application in
January 2024. Niknam acknowledged the firm wasn’t ready to answer regulators’
questions quickly enough. “We are doing our utmost best to make sure that
we satisfy and fulfill each of the regulations,” he said this time around.

The company
plans to launch in US cities with large expat populations first. One selling
point: helping newly arrived expats build US credit scores by accessing their
European financial records, something traditional American banks typically
can’t do.

Growing User Base Amid
European Dominance

bunq hit 20
million users last year, making it Europe’s second-largest neobank behind Revolut, which has
more than 50 million customers. The milestone came a decade after bunq became
the first company to receive a European banking permit in 35 years.

The firm
has built its business around features that appeal to mobile professionals,
including support for 38 languages and AI-powered fraud detection. Last
September, it became the first European neobank to offer flexible crypto
staking through
a partnership with Kraken, offering yields up to 10% annually without lock-up
periods.

bunq’s US
ambitions align with a broader push by fintech firms to secure American banking
charters under the Trump administration. More than 30 companies have applied to
become US banks since the administration took office, according to consulting
firm Klaros Group. The OCC conditionally approved national trust bank charters
for several crypto firms late last year, including Circle Internet Group and
Fidelity’s digital assets arm.

The company
also has its sights set on a UK
electronic money institution license as it continues expanding beyond its
European base.

This article was written by Damian Chmiel at www.financemagnates.com.

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