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Dutch digital bank Bunq has filed for broker-dealer registration in the United States as a first step toward securing a full banking license, CEO Ali Niknam said Tuesday.
The move is a key part of Bunq’s expansion strategy into the U.S. in order to cater to globally mobile users the company calls “digital nomads.”
“We can offer our users who have an international footprint a great number of our services,” Niknam told CNBC, noting that the broker-dealer license will allow Bunq to operate in the U.S. with the exception of providing savings accounts. A timeline for full banking approval remains uncertain, though the company plans to refile for a U.S. bank charter later this year.
Bunq, which holds a banking license in the European Union and applied for an Electronic Money Institution (EMI) license in the U.K., previously exited the British market due to post-Brexit regulatory complications.
The company first sought a U.S. federal bank charter in April 2023 but withdrew a year later, citing misalignment between U.S. regulators and its Dutch supervisory authority. A broker-dealer license offers an alternative path to access the American market while Bunq readies a renewed push for full authorization.
Alongside the U.S. announcement, Bunq reported an 85.3 million euro ($97.2 million) profit for the latest fiscal year — a 65% increase year-over-year. The rise was fueled by a 55% gain in net interest income and a 35% increase in net fees, driven by both higher deposit yields and broader platform usage.
Niknam said the company’s lean operating model and tech-driven infrastructure allowed it to scale profitably while offering competitive interest rates in markets like the Netherlands.
“We are so lean and mean, and because we have set up all of our systems from scratch, we’ve been able to increase profits while still offering attractive interest rates,” he said.
Bunq, like fintech peers Monzo and N26, benefited from a high interest rate environment but is preparing for pressure on margins as central banks across the U.S., EU, and U.K. begin to cut rates amid slowing inflation.
Niknam said he’s not worried about rate cuts, citing Bunq’s diversified revenue streams, including subscriptions and a recently launched stock trading feature.
Bunq’s expansion into the U.S. pits it against a crowded field of traditional banks like JPMorgan Chase, Bank of America, and Citigroup, as well as fintech rivals such as Chime and Robinhood.
Still, Niknam believes Bunq is ready to win over globally minded users in search of a modern banking experience.
“We had to pay for deposits during Europe’s negative interest rate era — that forced us to grow efficiently,” he said. “Now, we’re ready to compete.”
