Dutch neobank bunq is “bringing the bank of The Free to the land of The Free” with a new application for a banking licence with the FDIC
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Describing itself as the first global neobank for location-independent people and businesses, bunq is targeting the US market as soon as it receives the bank licence approval from the FDIC in the state of New York.
Expanding to non-European countries, especially such a promising market as the US, is an important milestone for a company that’s been serving its European clients for over a decade now. As of 2022, bunq secured itself a customer base of 5.4 million people across 30 markets, being one of the top digital-only banks in the EU, ranked by account holders.
The move comes shortly after bunq reported its first quarterly profit, with net fee income growing by 37% and the user deposits up by 64% in Q4 2022.
The neobank has a target audience in the US. These are 5 million digital nomads: expats, international entrepreneurs and professionals with strong ties to both Europe and the US. The American customers will be introduced to the bunq’s subscription model with a five-minute account opening process.
The banking services available include managing one’s finances from anywhere in the world, budgeting tools, earning while saving on FX fees, using multiple currencies, and potentially joining bunq’s sustainable program Easy Green.
