Bunq, the Dutch challenger bank which targets tech-savvy customers who live and work in multiple countries, has been granted a US broker-dealer licence, as it expands into the US.
The licence will mean that Bunq, which has more than 20 million users in Europe, can bring its US stock trading offering, including ETFs, to US users. The licence was granted by the US watchdog, the Financial Industry Regulatory Authority.
Bunq says a US broker-dealer application will be an initial step towards the challenger bank trying to secure a US banking licence. On applying for a full US banking licence, Bunq said: “We do aim to file as soon as we can and will make sure US regulators have everything they need from us as quickly as possible."
Last year, Bunq withdrew its application for a US banking licence, citing problems between the Dutch regulator, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. Bunq, which has an EU banking licence, is also applying for a UK EMI licence as part of its international expansion.
Ali Niknam, founder and CEO of Bunq, said: "Our users roam the world – they live, work, and travel across borders. For many, the US is an important part of their lives. That’s why we’re excited to bring Bunq Stateside and make life easy for Americans and anyone who calls it home.”
Earlier this year, Bunq was hit with a €2.6 million fine for “serious deficiencies” in its anti-money laundering controls by the Dutch central bank (DNB). Bunq targets so-called "digital nomads", who it describes as tech-savvy customers who live and work in multiple countries.
Would you like to write the first comment?
Login to post comments