"The Amsterdam-based neobank Bunq has reapplied for a U.S. banking charter, two years after withdrawing its previous attempt. The Dutch digital bank, a competitor of the U.K.-based fintech in Europe, announced on Wednesday that it formally filed for a U.S. de novo banking license with the Office of the Comptroller of the Currency. Bunq, a subscription-based service that allows users to manage multiple international accounts and currencies in one application, is aiming to reach European "digital nomads" residing in the United States."
"Obtaining a bank charter would allow the neobank to offer savings deposits to users living or working in the U.S. alongside its other products and services. The challenger bank first applied for a U.S. bank charter in 2023, but then withdrew that application in early 2024. Bunq called the withdrawal a "procedural" step due to a "difference of views" that arose between Bunq's Dutch bank regulators and American bank agencies."
Bunq reapplied for a U.S. banking charter, filing a de novo application with the Office of the Comptroller of the Currency. Bunq operates a subscription-based app that manages multiple international accounts and currencies, and aims to serve European digital nomads residing in the United States. The filing follows FINRA approval of Bunq's broker-dealer license in October. A U.S. bank charter would permit Bunq to offer savings deposits to U.S.-based users. Bunq previously applied in 2023 and withdrew in early 2024, calling the withdrawal a "procedural" step over a "difference of views" between Dutch and American regulators. U.S. chartering could shift competitive dynamics among European neobanks and enable cross-border credit portability.
Read at American Banker
Unable to calculate read time
Collection
[
|
...
]