Dutch neobank bunq has filed an application for a US banking license withAli the FDIC in the state of New York, according to Reuters.
The move comes a month after bunq logged its first quarterly profit, with net fee income growing by 37% in the last quarter of 2022 and user deposits up by 64%, to €1.8 billion at the end of the year.
„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.” – says Ali Niknam, the Canadian-Dutch entrepreneur who founded Bunq in 2012.
Niknam said the bank’s U.S. target group will be the 5 million European expatriates and European businesses operating in the U.S.
bunq offers savers in its native Netherlands 1.56% interest on deposits, a percentage point above rates offered by the three big banks that dominate Dutch banking, ING, ABN Amro, and Rabobank. On the other hand, the Dutch neobank is offering users a free savings account with limited features and more advanced features with a monthly subscription costing from 3 to 18 EUR per month.
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