With 17 million users and a net profit of $96.6 million in 2024, Dutch firm bunq is the second largest European challenger after Revolut.
So, its recent announcement that it has applied for a broker-dealer licence — the first step towards obtaining a full US banking licence — makes perfect sense. Why wouldn't it capitalize on its success by expanding?
The catch is that the US market is a very different beast. Which begs the question: will this risk pay off? Or will bunq be unable to steal market share away from the likes of Chime and Varo?
We've used our digital banking research platform FinTech Insights to explore bunq's strengths and weaknesses relative to the US market, and how its entry might change the landscape.