Dutch digital bank Bunq announced today (Tuesday) that it has
filed for broker-dealer registration in the US. The move is part of its efforts
to expand into the US market.
Bunq’s CEO, Ali Niknam, stated that securing broker-dealer
authorization is the first step toward obtaining a full banking license in the
US While he could not provide a specific timeline for this, Niknam expressed
optimism about Bunq’s growth prospects in the country, CNBC reported.
Bunq Eyes Full US Banking License
With broker-dealer authorization, Bunq will be able to offer
most of its services in the US, except for savings accounts. The company
primarily serves digital nomads—individuals who can live and work remotely.
Bunq currently holds a banking license in the European Union
and has applied for an Electronic Money Institution (EMI) license in the UK.
The company previously operated in the UK but had to withdraw in 2020 due to
Brexit . Bunq also filed for a US Federal bank charter in April 2023 but
withdrew the application in April 2024, citing regulatory issues. The company
plans to reapply for a full US banking license later this year.
Kijk, dat is leuk om te zien: ons eigen Bunq op CNBC, met hun expansie naar de VS.
Met Adyen, Mollie, Bunq en anderen hebben we als klein landje niets te klagen over onze fintechbedrijven.pic.twitter.com/S9c6QY505X
— Jasper | De Lange Termijn
(@JasperDLT) April 15, 2025
Digital Bank Reports 65% Profit Increase
In addition to its expansion efforts, Bunq reported a 65%
year-over-year increase in profits, reaching 85.3 million euros ($97.2
million). This growth was driven by a 55% rise in net interest income and a 35%
increase in net fee income. Like other fintech firms such as N26 and Monzo,
Bunq has benefited from high interest rates by earning yields on customer
deposits held at central banks.
Niknam highlighted Bunq’s operational efficiency as a key
factor in its profitability. He noted that the company’s lean structure,
combined with the fact that its systems were built from scratch, enabled it to
offer competitive interest rates while increasing profits.
Interest Rate Cuts Won’t Affect Profit
Although central banks in the EU, UK, and US have recently
cut interest rates in response to falling inflation and economic slowdown
concerns, Niknam is not worried. He believes that any potential reduction in
interest income will be offset by a more diversified revenue mix, including
income from paid subscription products and new features like stock trading
tools.
Bunq faces significant competition in the US market, where
established banks like JPMorgan Chase, Bank of America, Wells Fargo, and
Citigroup dominate, alongside fintech players such as Chime and Robinhood.
Dutch digital bank Bunq announced today (Tuesday) that it has
filed for broker-dealer registration in the US. The move is part of its efforts
to expand into the US market.
Bunq’s CEO, Ali Niknam, stated that securing broker-dealer
authorization is the first step toward obtaining a full banking license in the
US While he could not provide a specific timeline for this, Niknam expressed
optimism about Bunq’s growth prospects in the country, CNBC reported.
Bunq Eyes Full US Banking License
With broker-dealer authorization, Bunq will be able to offer
most of its services in the US, except for savings accounts. The company
primarily serves digital nomads—individuals who can live and work remotely.
Bunq currently holds a banking license in the European Union
and has applied for an Electronic Money Institution (EMI) license in the UK.
The company previously operated in the UK but had to withdraw in 2020 due to
Brexit . Bunq also filed for a US Federal bank charter in April 2023 but
withdrew the application in April 2024, citing regulatory issues. The company
plans to reapply for a full US banking license later this year.
Kijk, dat is leuk om te zien: ons eigen Bunq op CNBC, met hun expansie naar de VS.
Met Adyen, Mollie, Bunq en anderen hebben we als klein landje niets te klagen over onze fintechbedrijven.— Jasper | De Lange Termijn
Digital Bank Reports 65% Profit Increase
In addition to its expansion efforts, Bunq reported a 65%
year-over-year increase in profits, reaching 85.3 million euros ($97.2
million). This growth was driven by a 55% rise in net interest income and a 35%
increase in net fee income. Like other fintech firms such as N26 and Monzo,
Bunq has benefited from high interest rates by earning yields on customer
deposits held at central banks.
Niknam highlighted Bunq’s operational efficiency as a key
factor in its profitability. He noted that the company’s lean structure,
combined with the fact that its systems were built from scratch, enabled it to
offer competitive interest rates while increasing profits.
Interest Rate Cuts Won’t Affect Profit
Although central banks in the EU, UK, and US have recently
cut interest rates in response to falling inflation and economic slowdown
concerns, Niknam is not worried. He believes that any potential reduction in
interest income will be offset by a more diversified revenue mix, including
income from paid subscription products and new features like stock trading
tools.
Bunq faces significant competition in the US market, where
established banks like JPMorgan Chase, Bank of America, Wells Fargo, and
Citigroup dominate, alongside fintech players such as Chime and Robinhood.
This post is originally published on FINANCEMAGNATES.
