By Elizabeth Howcroft
DUTCH online bank Bunq has received a license to operate as a broker-dealer in the U.S., part of a drive to expand outside of Europe.
Being a broker-dealer would allow Bunq, which has more than 20 million users in Europe, to sell U.S. stocks to American customers.
Bunq sought a U.S. banking license in 2023, but withdrew that application and intends to restart it “once everything is ready”, a spokesperson said, adding that it sees the broker-dealer license as the first step to becoming a U.S. bank.
Bunq aims to refile for a U.S. banking license “as soon as we can”, the spokesperson added.
“Our users roam the world. They live, work, and travel across borders,” said Ali Niknam, founder and CEO of bunq. “For many, the US is an important part of their lives. That’s why we’re excited to bring bunq Stateside. And make life easy for Americans and anyone who calls it home.”
In August, the Dutch central bank said Bunq had received a €2.6 million ($3 million) fine for failures in its money laundering controls. Bunq said it disagreed with the decision.
Bunq is one of several finance apps to have emerged in Europe in the last decade. British fintech Revolut is also trying to expand in the United States.
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