Digital Bank Bunq accelerates the efforts of the US expansion as profit increases


Dutch Digital Bank Bunq plans to re -enter Great Britain to use the “large and underestimated” market of about 2.8 million British “digital nomads”.

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The Dutch digital Bank Bunq told on Tuesday that he had submitted an application for registration of a dear-dealer in the USA, because it aims to further extend to the Atlantic.

The CEO of Bunq Ali Niekamam said that the application for a broker-dealer will be the initial step towards securing a full banking license. He could not offer a definite schedule when Bunq would provide this authorization in the USA – but he said he was excited about his growth prospects in this country.

Obtaining a broker-dealer's license will mean that Bunq “can offer our users who have an international trail-or user demographics, to which we strive for the number of our services,” said CNBC. Bunq sits mainly for “digital nomads”, people who can live and work from anywhere remotely.

Narkam added that Bunq will be able to offer most of its services in the US, except for the savings account after securing the authorization of the dear-dealer.

Bunq, which is advertising as a bank for “digital nomads”, currently has a banking license in the European Union. He applied for an electronic monetary institution (EMI) in the UK, Bunq had previously operated in Great Britain, but forced to withdraw from the country in 2020 due to Brexit.

Bunq initially submitted an application for a federal American bank in April 2023. However, a year later he withdrew the application, citing problems between the Dutch regulatory body and American agencies. The company plans to send an application for a full American bank license this year.

65% Jump with profit

In addition to the update of international expansion, Bunq also recorded 65% of the year on a profit jump to EUR 85.3 million (USD 97.2 million) on Tuesday. This jump was above all an increase by a 55% increase in net interest, while the income from the net fee also increased by 35%.

Like Fintech peers, such as N26 and Monzo, Bunq used a high interest rate of interest rates by putting crops on customer deposits were in the central bank.

The CEO of Bunq told CNBC that although high interest rates have certainly helped, Bunq is more generally noticing the increased use of the platform and focuses on cost effectiveness from an operational perspective.

“Because we are so thin and mean, and because we configured all our systems from scratch … We were able to not only increase our profits, but also offer very good interest rates on the European market, and specifically in the Netherlands,” said Narki.

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Recently, central banks in the EU and Great Britain and the US have moved to lowering interest rates in response to falling inflation and concerns regarding economic slowdown that may bite bank earnings.

Narkam said that he is not concerned about the prospect of lowering the rates and expects that potential decreases in interest income will be compensated by the “diversified” mixture of income, which includes income from paid subscription products, as well as new functions. Bunq has recently launched a tool that allows users to trade inventory.

“This is different in continental Europe than Great Britain, we have long had negative interest rates,” said CNBC Narkie. “So, as we developed, in fact our cost base also grew, because we had to pay for all the deposits that people deposited Bunq, so I think we are in a great position in 2025

Bunq is approaching a lot of competition, especially on the American market. America is already served by recognized giants of consumer banking, including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup. It is also home to several main fintech brands, such as Chime and Robinhood.



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