Can Dutch challenger bunq conquer the US market?

We've been here before

bunq isn't the first successful challenger to make bold moves.

Revolut made waves in 2023 when it entered Brazil, a market dominated by Nubank. Nubank itself has expanded into Mexico and Colombia, which helped it grow its user base to 100 million. 

Other challengers haven't been as lucky. 

N26, arguably the first "true" challenger bank, pulled out of both the UK and US markets. 

In the UK, N26 blamed its exit on Brexit — the UK's withdrawal from the EU. But, by its own admission, it struggled to differentiate itself. A challenge it also faced in the US. 

Of course the US market in 2025 is very different to what it was even 12 months ago. 

The new administration has hinted it might take a more business-friendly approach to regulation. 

At the same time, customer loyalty is declining. 

In a 2024 RFI Global survey, one in four respondents said they were thinking of switching banks. And, challengers like Chime and SoFi are now being considered as potential primary bank account providers. 

Given this landscape, how bunq's app compares to those of US challengers will likely have a huge impact on its chances of success.

bunq vs the US: What does the data say?

Before we dive in, a caveat. Absent specific details, we've assumed bunq's US app will largely have the same features it does in the EU, with the exception of savings accounts. The latter wouldn't be covered by a US broker-dealer licence. 

Keeping this in mind, and to accurately gauge where bunq stands, we compared its app to those of 16 US challengers: Acorns, Albert, Betterment, Chime, Dave, Jenius Bank, Juno, M1 Finance, Marcus, MoneyLion, Monzo, One, SoFi, Stash, Zenus, and Elevault. 

Our analysis delivered two pieces of good news. 

First, bunq is more feature-rich than any US challenger, with 410 functionalities. Runner-up SoFi has 346.

Second, while not the best, bunq's UX score isn't the worst, either. At 774, it sits in the middle. In comparison, the UX score of Chime, the US' biggest challenger, is 832, putting it in third place behind Dave (841) and Monzo (839). 

Compared to European challengers, US challengers have fewer functionalities overall. That said, even in Europe, bunq has the most feature-rich app, with runner-up Sumeria having 383 functionalities. 

The crucial point, however, is that US and European challengers have taken very different trajectories when it comes to features and functionalities. So, despite bunq's apparent advantage, a closer look might show different. 

US vs Europe: What are the key differences?

So how do Europe — bunq's home market — and the US differ? And are there any Europe-centric features that could help it stand out in the US?

According to our data, European challengers are stronger than US challengers in five areas:

• Card management — virtual cards (only offered by Chime in the US), spending limits, and online PIN access
• Junior accounts. This is extremely rare in the US, with only a handful of firms like Acorns offering them. Meanwhile, a number of European challengers have apps designed specifically for children
• Commodity trading. No US challenger in our data set offers such features
• Foreign currency-related functionality. Again, no US challenger offers this.
• Interface customisation, specifically enabling users to modify the look and feel of the home page and menu 

US challengers, on the other hand, beat out Europeans on the following:

• Open banking. Where, in Europe, functionality is largely limited to viewing account details, balances, and transactions, US customers can also fund their account and make transfers
• Checks. Check payments remain extremely common, so US challenger banks have check-related functionality. In Europe, where the number of checks written declined by 79.6% between 2010 and 2023, they aren't important. 
• US challengers support different types of investment to Europeans, with more focus on creating self-directed portfolios 

Evaluating bunq in a US context

While, as in other parts of the developed world, check usage in the US has declined, volumes remain substantial. According to the Federal Reserve, Americans wrote 748 million checks a day in Q4 2024. And the typical amount has gone up, not down, since 2020. 

As such, bunq's biggest gap, in a US context, is the absence of any check-related features. 

Other omissions that could put bunq at a disadvantage are open banking transfers, P2P features — scanning a barcode or QR code instead of typing beneficiary details, creating a QR code to request a transfer, and transferring to beneficiaries with other banks — and roboinvesting. 

That said, bunq also offers a slew of unique features US challengers don't, including:

• One-time card CVCs — essentially, this has the same effect as a disposable card
• Foreign currency accounts
• Buying a mobile data plan (a unique feature overall as it’s currently offered only by Revolut and Nubank based on FinTech Insights data)
• P2P group payments and future or recurring interbank transactions

Our verdict: Does bunq have what it takes to do well in the US?

bunq is a European challenger, designed for the European market. And that means it shines in the categories that matter most to Europeans, while lacking features that matter to Americans. 

But that's not to say bunq's US venture won't do well. 

For one, bunq has several features that could differentiate it, including a chatbot — Finn — that is more advanced than those of most other US banks, challengers and incumbents.

More to the point, the recent introduction of loyalty functionality, and features like buying cryptocurrency and creating virtual cards are a statement of intent. A sign bunq is very serious about exceeding its new customers' expectations. 

Could this approach help it crack the US market? We'll have to wait and see.