HomeTop U.S. NewsDutch Online Bank Bunq Applies for Banking License in the U.S.

Dutch Online Bank Bunq Applies for Banking License in the U.S.

Bunq B.V., one of the most popular online bank in Europe, has set its sights on the United States. The Netherlands-based neobank officially applied for a banking license in the U.S. with Federal Deposit Insurance Corporation (FDIC) earlier this week.

In an interview with Reuters, Bunq founder, and CEO Ali Niknam said that his company wants to provide an alternative to Americans in the wake of the recent U.S. banking crisis.

“When things are bad, that’s the best time for us,” he said. “That’s when people reconsider their choices, which is precisely the moment we need to get a foot in the door.”

Niknam also added that Bunq’s targeted customers would be Europeans currently living in the United States and companies from Europe that have U.S. businesses.

Bunq managed to get a large share of the market in Europe thanks to the fact they are offering better interest rates compared to traditional banks and allows people to open multiple accounts in order to comply with European deposit insurance limits. The online bank is also lauded for simplifying the banking experience for its customers.

Bunq disclosed earlier this year that it has €2.3 billion in deposits while becoming the first online bank in Europe to post a quarterly profit ($2.50 million).

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