The European neobank Bunq is currently on its way to obtaining a banking license in the United States.
The mentioned lender filed for a broker-dealer license, part of a two-stage strategy to enter the American market. The relevant information is contained in a press release published by neobank last Tuesday, April 15. With this step, a digital financial institution can collect operational insights and user feedback before reapplying for a full banking license later in the current year.
The press release noted that as Bunq expands into the United States, it brings its proven, use-centric model to a community of nearly 5 million digital nomads, expats, international entrepreneurs, and remote professionals. In this case, it means citizens of the European Union and the United States, who have deep ties on both sides of the Atlantic Ocean.
The press release noted that the mentioned community is mobile and location-independent. It was also underlined that this audience contributed to the number of Bunq customers in Europe reaching 17 million. Moreover, the specified users have secured the neobank for two consecutive years in profits.
The virtual financial institution’s profits for the last year were recorded at 85.3 million euros (over $96 million). This money will be reinvested to accelerate the global expansion of neobank.
Bunq founder and chief executive officer Ali Niknam said the lender’s users live an international lifestyle, and they need a bank that’s global too.
The virtual financial institution filed for a broker-dealer license with the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). The relevant information is contained in the press release.
As we have reported earlier, Airwallex Intends to Seek UK and US Banking Licenses.
