bunq Reapplies for US National Bank Charter After Withdrawing Earlier Bid

​Dutch neobank bunq has submitted a new application for a US national bank charter with the Office of the Comptroller of the Currency (OCC), the company announced on Wednesday. The move comes nearly two years after bunq withdrew its initial attempt to enter the US banking market.

Founder and Chief Executive Officer Ali Niknam said the timing reflects a more favorable regulatory environment. “We believe that this is a unique opportunity for us,” he said in an interview.

bunq is targeting professionals who split their time between the United States and Europe and face difficulties maintaining banking relationships across both regions. Its core customer base includes digital nomads and expatriates, many of whom encounter obstacles opening accounts abroad due to US tax reporting requirements that make non-US banks cautious about serving American clients.

“We believe there’s far more people out there that would benefit from this global bank account,” Niknam said, referring to Europeans living in the US and Americans residing in Europe who struggle with cross-border banking access.

The renewed application follows bunq’s acquisition of a US broker-dealer licence from the Financial Industry Regulatory Authority (FINRA) in October. The approval allows the firm to offer stocks, exchange-traded funds (ETFs), and mutual funds to US customers and forms part of a phased market entry strategy.

bunq first applied for a US banking licence in 2023 but withdrew the application in January 2024. Niknam said the company was not prepared at the time to respond quickly enough to regulatory inquiries. “We are doing our utmost best to make sure that we satisfy and fulfill each of the regulations,” he said.

If approved, the bank plans to launch initially in US cities with large expatriate communities. One proposed feature is helping new arrivals build US credit histories by leveraging their European financial records, a capability not commonly offered by traditional US banks.

bunq reported reaching 20 million users last year, making it Europe’s second-largest neobank behind Revolut, which has more than 50 million customers. The milestone came ten years after bunq became the first company in 35 years to receive a European banking licence.

The company’s renewed US push aligns with a broader trend among fintech firms seeking US banking charters. According to consultancy Klaros Group, more than 30 companies have applied to become US banks since the current administration took office. The OCC conditionally approved national trust bank charters for several crypto-focused firms late last year.

In parallel with its US plans, bunq is also pursuing a UK electronic money institution licence as it continues to expand beyond its European base.