Dutch neobank bunq has filed an application for a US banking license with the FDIC in the state of New York.
The move comes a month after bunq logged its first quarterly profit, with net fee income growing by 37% in the last quarter of 2022 and user deposits up by 64%, to €1.8 billion at the end of the year.
Describing itself as the first global neobank for location-independent people and businesses, bunq reported break-even for the first time at the end of December 2021.
In the US, the firm is bringing its subscription model to a community of almost 5 million digital nomads who are EU or US citizens with deep ties on both sides of the Atlantic. With a five-minute account opening process, users will be able to manage their finances from anywhere in the world, earning saving on foreign exchange fees, using multiple currencies, and accessing automated budgeting tools.
Ali Niknam, CEO and founder of bunq, says: "Throughout bunq’s history, we’ve always focused on making life easy for digital nomads in Europe. We can’t wait to bring our user-centered philosophy stateside, giving a community of location-independent people an effortless way to bank on the go."