Dutch fintech Bunq reapplies to become a bank in the US
Bunq joins Enova, PayPal and Mercury in the quest for a US banking license
The Dutch fintech Bunq BV applied to become a US bank two years after rescinding a previous application made under former President Joe Biden.
“We believe that this is a unique opportunity for us,” founder and Chief Executive Officer Ali Niknam said in an interview. The company said it submitted its application for a national bank charter with the Office of the Comptroller of the Currency on Tuesday.
Bunq caters to “digital nomads,” or professionals who work entirely remotely and travel to jurisdictions other than their home country, but may struggle to access a bank account while doing so. Clients primarily travel between the US, Europe and the UK, according to the CEO.
“We believe there’s far more people out there that would benefit from this global bank account,” Niknam said, adding that there are millions of both Europeans in the U.S. and Americans in Europe who have difficulty getting bank accounts because of US global tax rules.
More than 30 companies have applied to become US banks under the second Trump administration, according to data compiled by the consulting firm Klaros Group. The OCC conditionally approved national trust bank charters for several cryptocurrency firms last year, including Circle Internet Group Inc. and Fidelity’s digital assets arm.
Bunq in 2014 became the first firm to receive a European banking permit in more than 35 years, and then sought a US banking license in 2023. But Niknam said the firm found the process in the US to be different from Europe, and went back to the drawing board. Bunq formally rescinded its US application in January of 2024.
Niknam said Bunq wouldn’t have been able to answer questions US regulators had in a timely manner, leading to that decision. This time is different, he said.
“We are doing our utmost best to make sure that we satisfy and fulfill each of the regulations,” Niknam said.
The Financial Industry Regulatory Authority, Wall Street’s self-funded watchdog, granted Bunq a broker-dealer license in the US in October.
— By Paige Smith (Bloomberg News)
