Dutch challenger financial institution Bunq has lodged an software for a US banking license with the Federal Deposit Insurance coverage Company, scorching on the heels of recording its first quarterly revenue.
The corporate needs to introduce its subscription mannequin within the US, concentrating on prospects it describes as “digital nomads who’re EU or US residents with deep ties on each side of the Atlantic”.
With a five-minute account opening course of, customers will be capable of handle their funds from anyplace on the earth, incomes saving on overseas change charges, utilizing a number of currencies, and accessing automated budgeting instruments.
“All through Bunq’s historical past, we’ve at all times centered on making life straightforward for digital nomads in Europe,” stated Ali Niknam, chief govt and founding father of Bunq. “We will’t wait to convey our user-centered philosophy stateside, giving a group of location-independent folks a simple method to financial institution on the go.”
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Bunq reported break-even for the primary time on the finish of December 2021, and recorded its first revenue within the ultimate quarter of 2022. In that interval it noticed internet price revenue develop by 37 per cent, with person deposits up by 64 per cent, to €1.8bn (£1.44bn) on the finish of the 12 months.
On the time Niknam stated: “I’m extremely proud that, only a decade since our inception, Bunq’s service-oriented enterprise mannequin has confirmed to be worthwhile. Really aligning our user-centered philosophy with monetary success, we have been in a position to construct a enterprise that’s solely profitable so long as our customers are completely happy.”
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Niknam additionally stated the self-styled ‘financial institution of The Free’ anticipated to take care of profitability all through 2023 because it invests in innovation, product growth and worldwide enlargement.
In December 2022, the enterprise was in a position to increase €193m in capital, valuing the it at €1.6bn.
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