An IMGlobalWealth.com News Report
While Revolut weighs its long-trailed ambitions in the United States, Europe’s second-largest neobank has moved from intent to execution.
Bunq, the Amsterdam-based digital bank, has filed an application for a US national banking licence, placing it among a growing group of fintech firms seeking to capitalise on a more permissive regulatory climate under President Donald Trump.
Founded by Ali Niknam, Bunq has spent the past decade transforming itself from a niche European challenger into a profitable, scale-driven institution.
“The US market remains an obvious prize for European fintechs”
The bank reached roughly 20 million users by the end of last year and reported its second consecutive year of profitability in 2024, posting net earnings of €85.3m, a 64 per cent increase year on year.
Growth was driven largely by interest income, which nearly doubled to €245.3m as higher rates reshaped the economics of digital banking. Bunq’s US licence bid follows the approval of a broker-dealer licence in 2025, which enabled the firm to offer equity trading to American customers.
At the time, management described the move as a stepping stone towards full banking authorisation. The US market, with its depth of deposits and global financial credibility, remains an obvious prize for European fintechs seeking scale beyond a crowded home market.
The timing is not accidental. The Trump administration has rolled back elements of the post-crisis regulatory framework introduced after 2010, including reforms to the Dodd-Frank Act.
Asset thresholds triggering enhanced supervision have been raised, while restrictions on smaller lenders have been eased, reducing compliance costs for new entrants without dismantling prudential oversight altogether.
“Yet America is not an easy market to crack”
Bunq is not alone. Brazil’s Nubank and crypto platform Coinbase have both submitted applications for US banking charters, while several European players are positioning themselves for eventual entry.
Revolut, now one of Europe’s largest digital banks by customer numbers, has repeatedly signalled its interest in the US, even as it continues to consolidate its regulatory footing in Britain and the European Union.
Starling Bank has also acknowledged that a US licence remains a longer-term objective.
Yet America is not an easy market to crack. Foreign banks face fragmented supervision, intense competition and thin margins.
Regulatory easing may lower the drawbridge, but it does not guarantee success. For Bunq, the challenge will be proving that European efficiency and digital-first banking can translate into trust, deposits and durable profitability on the far side of the Atlantic.
