^{Source: bunq Newsroom}

Bunq Targets U.S. Market as Profits Soar

Dutch fintech firm Bunq, known for serving the remote-working "digital nomad" community, is significantly accelerating its U.S. expansion plans following a 65% surge in year-over-year profits, which reached €85.3 million ($97.2 million) in 2024.

On Tuesday, the Amsterdam-based neobank revealed it has officially filed for broker-dealer registration in the U.S., marking the company’s most serious move yet to break into the competitive American financial market. This registration would allow Bunq to offer many of its core banking and investing services in the U.S., excluding only savings accounts — for now.

A Strategic Step Toward a U.S. Banking License

CEO Ali Niknam emphasized that this application is a stepping stone toward acquiring a full banking license in the United States. Though he didn’t specify a timeline, Niknam expressed confidence about Bunq’s long-term commitment to the American market.

“We’re incredibly optimistic. Our core users are people who live internationally, and our model is built exactly for them,” Niknam told CNBC. “This broker-dealer license will allow us to extend a wide range of services to that community, even before we gain a full charter.”

The company had originally applied for a federal banking charter in April 2023 but withdrew the application in 2024 due to regulatory friction between Dutch and U.S. authorities. Bunq now plans to resubmit later in 2025, with a stronger foundation in place.

Building on EU Success

Bunq already holds a full banking license in the European Union and recently applied for an Electronic Money Institution (EMI) license in the U.K.. The neobank had previously pulled out of the U.K. in 2020 due to Brexit complications, but its return signals a broader international push.

The brand is positioning itself as a truly borderless bank — one that adapts to the lifestyles of remote workers, expats, and global professionals. With remote work expected to reach 36.2 million Americans by 2025 (up 87% from pre-pandemic levels), Bunq’s value proposition is particularly timely.

Profit Growth Driven by Interest and Efficiency

Bunq’s record profitability was fueled by a 55% increase in net interest income, as well as a 35% rise in fee income, driven by its growing customer base and interest rate tailwinds.

“Of course, high interest rates helped,” said Niknam, “but more importantly, we built Bunq to be incredibly lean from day one. That efficiency translates to both higher profit margins and better customer rates.”

Unlike legacy banks burdened by aging infrastructure, Bunq’s technology is built in-house. This gives it agility in a market where central banks, including the European Central Bank, the Federal Reserve, and the Bank of England, are beginning to cut rates in response to slowing inflation.

Niknam remains unfazed by potential declines in interest-based earnings. “We’ve already diversified. Between premium subscriptions, new financial tools, and efficient scaling, we’re prepared,” he said.

New Services and Strategic Differentiation

One of Bunq’s recent feature launches includes a stock trading platform, opening up additional revenue streams and bringing it closer to hybrid fintech-brokerage players like Robinhood and Revolut. Bunq also boasts strong user retention thanks to its tailored services for international professionals.

The company’s focus on customization, low fees, and ethical banking has made it a standout in a saturated European market. It now faces the challenge of replicating that success in the U.S., where major players like Chime, SoFi, JPMorgan Chase, and Bank of America dominate.

Still, Bunq believes its niche focus and tech-savvy edge give it an upper hand among globally mobile millennials and Gen Z professionals, many of whom are underserved by traditional banks.

What’s Next for Bunq in 2025?

With rising competition in the fintech space and changing economic conditions, Bunq’s real test lies ahead. But with over €5 billion in user deposits, a rising global customer base, and a strategy built around efficiency and adaptability, Bunq is gearing up to make waves on both sides of the Atlantic.

“We’ve thrived through negative interest rates, regulatory hurdles, and massive shifts in global work culture,” Niknam said. “We’re ready for what’s next.”

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