European fintech giant bunq has submitted its application for a US de novo banking license with the Office of the Comptroller of the Currency (OCC), marking a significant milestone in the neobank's global expansion strategy. The move positions bunq to serve the growing community of digital nomads and global citizens navigating financial life across continents.
A Strategic Entry into the US Market
On January 7, 2026, bunq formally filed its application with the OCC, targeting a demographic increasingly underserved by traditional banking: internationally mobile professionals and expats maintaining ties to both Europe and the United States. The Amsterdam-based neobank, which currently operates across more than 30 European markets with over 20 million users, sees significant opportunity in bridging the transatlantic banking gap.
"Our users are building their lives across borders, so they need a bank that is safe, secure and easy to use, wherever they are," said Ali Niknam, founder and CEO of bunq. "We want to give them the freedom to live the way they want, whether they're heading to America, coming to Europe, or moving between both."
What bunq Plans to Offer US Customers
Upon regulatory approval, bunq intends to launch services in major US metropolitan areas with substantial expat populations. The neobank's US offering will leverage its established European infrastructure while addressing specific pain points for internationally mobile customers:
- Dual-market banking: Eligible users will be able to maintain both US and European checking accounts through a single platform
- Credit building support: A novel approach to helping newly-arrived expats establish US credit scores by accessing their European financial history
- AI-powered fraud detection: bunq's proprietary fraud prevention technology, which the company touts as "industry-leading"
- Multi-currency capabilities: Seamless management of cross-border transactions and currency conversions
The neobank plans to differentiate itself through features developed specifically for its European user base, including support for 38 languages and what bunq calls "the world's first GenAI-powered bank" capabilities.
Building Regulatory Foundation
The OCC banking license application represents the culmination of a multi-year strategy bunq initiated in 2023. The company has already secured crucial regulatory approvals, including a recent broker-dealer license from FINRA, which enables investment services complementing its core banking operations.
This phased approach—first obtaining broker-dealer authorization, then pursuing full banking licensure—reflects the complex regulatory landscape facing foreign fintechs entering the US market. The OCC de novo charter process typically involves extensive review periods, often extending 12-18 months or longer, during which regulators scrutinize everything from capital adequacy to management expertise and technological infrastructure.
Global Expansion Momentum
The US license pursuit aligns with bunq's broader international growth trajectory. Beyond America, the neobank recently announced plans to apply for a UK Electronic Money Institution (EMI) license, suggesting ambitions extending beyond its current EU-focused operations.
bunq's timing may prove strategic. As traditional banks continue consolidating branches and European neobanks mature, demand for genuinely cross-continental banking solutions has intensified. The pandemic-era surge in remote work normalized location flexibility, creating what bunq identifies as its core demographic: professionals who view national borders as administrative details rather than lifestyle constraints.
The Competitive Landscape: Fintechs Seeking US Banking Licenses
bunq joins a growing—but selective—list of fintechs pursuing US banking charters, a notoriously challenging regulatory path that has seen both successes and notable withdrawals.
Recent US Banking License Pursuits
Coinbase - The cryptocurrency exchange filed for a national trust charter with the OCC, seeking to expand beyond crypto into broader financial services. This application represents crypto's push for mainstream banking legitimacy.
Revolut - The UK neobank giant has pursued US banking authorization for several years, initially focusing on state money transmitter licenses while exploring federal charter options. The company operates in the US through partnerships rather than its own banking license.
Varo Bank - Successfully obtained full US national bank charter from the OCC in 2020, becoming the first neobank to achieve this milestone. Varo's success demonstrated the viability of the de novo charter path for digital-native institutions.
SoFi - Acquired Golden Pacific Bancorp in 2022 to obtain its banking charter, taking an acquisition route rather than pursuing de novo authorization. This strategy allowed faster market entry but required integrating existing infrastructure.
N26 - The German neobank withdrew from the US market in 2022 after operating under a partnership model, citing strategic refocus on European expansion. N26 had not pursued its own US banking license.
Monzo - The UK challenger bank similarly retreated from US expansion plans, having explored the market through limited beta programs without pursuing federal banking authorization.
Chime - Continues operating through banking partnerships (initially Bancorp Bank, now Stride Bank) rather than seeking its own charter, demonstrating an alternative model for fintech banking services.
PayPal Bank - Filed to form PayPal Bank with the FDIC and Utah Department of Financial Institutions. With the charter, PayPal would offer savings accounts, more financial services for US small businesses, and enable direct connections to card networks. The charter would be for a Utah Industrial Loan Corporation (ILC), meaning that it can take savings deposits and issue loans while being owned by a nonbank.
Why US Banking Licenses Remain Elusive
The track record reveals a sobering reality: obtaining full US banking authorization remains exceptionally challenging for fintechs, particularly foreign-based companies. Regulatory hurdles include:
- Capital requirements: OCC charters demand substantial capital reserves and ongoing liquidity standards
- Regulatory expertise: Building compliance infrastructure meeting US banking standards
- State-by-state complexity: Even with federal charters, state-level regulations create additional layers
- Examination readiness: Demonstrating operational maturity satisfying regulatory scrutiny
- Timeline uncertainty: Application processes often extend years with unpredictable outcomes
Many fintechs opt for partnership models—operating through chartered banks while building their technology and customer base—rather than navigating the charter process themselves. bunq's decision to pursue the de novo charter path signals confidence in its regulatory capabilities and commitment to long-term US market presence.
What's Next for bunq
With its OCC application filed and broker-dealer license secured, bunq enters what could be an 18-24 month regulatory review period. The company will need to demonstrate not only technical banking competence but also its ability to serve the US market while maintaining the cross-border capabilities central to its value proposition.
Success could position bunq as a genuine transatlantic banking alternative, filling a niche largely unaddressed by either traditional banks or existing neobanks. Failure or withdrawal would join it with other European challengers who found US banking regulation an insurmountable barrier.
For digital nomads and internationally mobile professionals, bunq's application represents hope for banking infrastructure matching their increasingly borderless lives. For the fintech industry, it's another test case determining whether the next generation of banks can successfully navigate America's complex regulatory environment.