bunq applies for US banking license to expand cross border service

By Vriti Gothi

bunq, Europe’s neobank, has applied for a US de novo banking license with the Office of the Comptroller of the Currency (OCC).

The move underscores growing interest among European digital banks in establishing regulated, onshore operations in the US, as cross-border work and mobility reshape customer expectations around banking access. bunq is positioning its US entry around digital nomads, expatriates, and globally mobile professionals who maintain financial ties on both sides of the Atlantic—segments that often face friction in credit access, account portability, and compliance-driven restrictions.

If approved, bunq plans to roll out services initially in major US metropolitan areas with large expatriate populations. The bank intends to enable eligible customers to open both US and European checking accounts and to accelerate credit-building for new arrivals by referencing European financial histories, addressing a common barrier for immigrants and internationally mobile workers.

bunq’s US strategy builds on its existing digital-first infrastructure, including secure payments, multi-factor authentication, and AI-driven fraud detection designed to support frequent international usage. The approach reflects a broader trend among neobanks to differentiate through cross-border functionality rather than domestic-only offerings, as competition in core retail banking intensifies.

“Our users are building their lives across borders, so they need a bank that is safe, secure and easy to use, wherever they are,” said Ali Niknam, founder and CEO of bunq. “We want to give them the freedom to live the way they want, whether they’re heading to America, coming to Europe, or moving between both.”

The filing follows recent approval by FINRA of bunq’s US broker-dealer license, which the company pursued in parallel with its banking application. bunq began the US licensing process in 2023, sequencing regulatory approvals to support a broader market entry strategy. With the broker-dealer license secured and the banking application now submitted, the company enters the next regulatory phase ahead of a potential nationwide launch.

Founded in Europe and now operating across more than 30 markets, bunq has expanded its footprint by focusing on digitally native users and multilingual accessibility. The US application comes as the neobank reports continued global growth and explores additional regulatory pathways, including a UK electronic money institution (EMI) license, as it seeks to extend its presence beyond continental Europe.