Bunq Fast-Tracks U.S. Expansion with Broker-Dealer License Filing Amid €85.3M Profit Surge
Hey Digital Banking Fanatic!
Bunq, Europe's second-largest neobank, is accelerating its U.S. market push by filing for a broker-dealer license with FINRA and the SEC. This move marks the initial phase of securing a full U.S. banking license later this year, enabling the FinTech giant to offer investment products like stocks, mutual funds, ETFs, and FDIC-insured cash management options. Bunq also plans to launch Mastercard debit cards tailored for the U.S. market.
Targeting the nearly 5 million digital nomads and global entrepreneurs seeking flexible banking solutions, Bunq's expansion is backed by impressive financial momentum. The company reported a net profit of €85.3 million in 2024—a remarkable 65% growth year-over-year—marking its second consecutive profitable year. These robust earnings will directly fuel Bunq’s international expansion.
CEO Ali Niknam highlighted that the U.S. move significantly advances Bunq’s mission to deliver seamless global banking experiences, positioning the FinTech as a go-to solution for international lifestyles.
Read all the other Digital Banking industry news below 👇 and I'll be back with more tomorrow!
Cheers,
Stay Updated on the Go! Join my new Telegram channel for daily Digital Banking updates and real-time breaking news. Stay informed and explore the Future of Banking—subscribe now!
DIGITAL BANKING NEWS
🇺🇸 bunq completes first phase of US banking license filing as it reports its second consecutive year of profits. The company has filed for a broker-dealer license as part of a two-phase strategy to enter the US market. This step will enable bunq to gather operational insights and user feedback before reapplying for a full banking license later this year.
🇺🇸 Visa joins Global Dollar Network Stablecoin Consortium. The company will become the first traditional finance player to join the consortium that shares out yield to participants that create connectivity and liquidity. USDG members include Paxos, Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish, and Nuvei.
🇦🇷 Ualá enables unlimited, instant dollar purchases via app following regulatory shift in Argentina. Users can also invest their dollars immediately through Ualá’s Dollar Mutual Fund, which starts from just $1 and offers an estimated 6% annual return.
🇺🇸 Starling Bank coming to U.S. to sell core software. Starling Bank has registered its software unit, Engine, as a limited liability company in Delaware. It is exploring potential East Coast office locations for Engine in Florida, North Carolina and the District of Columbia.
🇨🇿 Revolut is preparing to sell mortgages in the Czech Republic. It has already introduced its Revolut Bank and plans to launch additional products like credit cards and loans in the future. The firm has also already accumulated 1.16 billion in deposits in Spain and has reached 4.5 million customers. In the past year, it added 1.5 million new users in Spain, bringing its total to 4 million.
🇵🇹 Revolut launches new payment terminal for Portuguese companies. The Revolut Terminal offers fast, reliable service with Wi-Fi and SIM connectivity, long battery life, and support for major cards and mobile wallets. It also includes Revolut Pay, to pay directly through the Revolut app and earn loyalty points for discounts or rewards.
🇺🇸 Bank of America to pay $540.3 million after ruling in FDIC lawsuit. The FDIC sued Bank of America for $1.12 billion in 2017, alleging that the bank failed to honor a 2011 rule that changed how banks report risk exposure to counterparties and thereby reduced its deposit insurance contributions.
🇧🇷 Nubank has launched a debt renegotiation campaign in Brazil, named “Recomeço,” offering discounts of up to 99.9% to eligible clients. The initiative aims to assist customers in regaining financial stability by providing personalized options for settling overdue credit card and loan balances.
Want your message in front of 100.000+ Digital Banking fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
