Dutch neobank Bunq is charging ahead with its U.S. expansion plans, just months after ramping up hiring while much of the fintech industry was trimming headcount. That bold move appears to be paying off. The Amsterdam-based digital bank has officially filed for a broker-dealer license in the U.S., signaling its intent to serve a growing class of global remote workers — digital nomads — and to edge closer to a full American banking license.
Although Bunq hasn’t provided a timeline for when it might secure full U.S. banking approval, CEO Ali Niknam described the broker-dealer registration as a foundational step. Once granted, the license would enable Bunq to offer nearly its entire suite of services in the U.S., except for savings accounts. That’s a significant win for its international users, many of whom live across borders and need flexible, borderless banking.
Niknam emphasized that Bunq is built with this international audience in mind. “We serve users with global lifestyles, and this move lets us bring them more of what they need — wherever they are,” he said in a recent interview.
Growth Fueled by Nomadic Banking and Bold Moves
Bunq’s growth strategy revolves around one core group: digital nomads. Since its founding in 2012, the company has positioned itself as a user-first, tech-driven alternative to traditional banks. It now counts 9 million users — up from 5.4 million just a year ago — and has seen customer deposits soar to €4.5 billion, a fourfold jump from two years back.
Its U.S. ambitions are only part of the story. Bunq is also making a comeback in the U.K. market after exiting post-Brexit. The startup has applied for an e-money license to re-enter the British fintech scene. Although Bunq initially filed for a full U.S. banking charter in April 2023, it later withdrew the application due to regulatory clashes between Dutch and U.S. authorities. The plan, according to the company, is to resubmit before year-end.
While regulatory approvals are in motion, Bunq has been busy scaling its workforce. In stark contrast to industry layoffs, the company has been hiring across multiple functions including product development, sales, customer support, and marketing — many of which offer remote flexibility, fitting neatly into its mission to support mobile workers. Physical offices will remain in global hubs like Amsterdam, New York, London, Istanbul, and Madrid to provide in-person options.
Financial Momentum and Competitive Edge
The company isn’t just growing geographically — its bottom line is soaring too. Bunq recently reported a 65% surge in annual profit, hitting €85.3 million (about $97.2 million). That impressive jump was largely driven by a 55% boost in net interest income, thanks to rising interest rates on customer deposits held at central banks. At the same time, fee-based revenue increased by 35%.
Niknam credited the profitability to more than just favorable market conditions. Bunq’s lean operating model, built from scratch without legacy banking systems, has allowed it to keep costs low while still offering competitive rates to users — particularly in the Netherlands.
“Our strength comes from building everything in-house. That makes us incredibly efficient, and we pass those benefits on to our users,” Niknam explained.
With a fast-growing user base, a distinct focus on digital nomads, and solid financial performance, Bunq is setting its sights on challenging other European neobanks like Monzo and N26 — and carving out its own space in the U.S. digital banking landscape.
