Bunq reapplies for US banking licence

Dutch challenger bank Bunq has reapplied for a US banking license, signaling its ambition to expand services to tech-savvy customers in the United States. This move reflects Bunq's strategic goal of catering to users who live and work internationally, aligning with the growing demand for borderless financial solutions. The application underscores the company's commitment to providing accessible and secure banking services across different regions. Bunq has filed for a US banking license with the Office of the Comptroller of the Currency (OCC), a regulator for US national banks. This follows Bunq's acquisition of a US broker-dealer license last year, seen as a precursor to obtaining a full banking license. With over 20 million users in Europe, Bunq aims to introduce its services initially in US metropolitan areas with significant expat communities, offering features like expedited credit score building using European financial records and the option to open both US and European checking accounts. This expansion could significantly benefit Bunq's existing user base and attract new customers in the US market, especially expats. By simplifying financial processes for individuals living and working across borders, Bunq addresses a critical need in an increasingly globalized world. The move also places Bunq among other fintechs, such as PayPal, Nubank, and Coinbase, seeking to capitalize on a more receptive regulatory climate for financial technology companies in the US.