Amsterdam’s AI-powered neobank bunq secures FINRA approval to operate in the US after posting €85.3M profit in its second year of growth.
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Amsterdam-based bunq, an AI-powered neobank, announced that it has received approval from FINRA (Financial Industry Regulatory Authority) to operate as a US broker-dealer.
FINRA is a non-governmental, self-regulatory organisation that protects investors by creating and enforcing rules for broker-dealers in the United States.
This green signal marks bunq’s first step in bringing its user-centric products across the Atlantic.
This announcement comes after bunq marked its second consecutive year of profitability in 2024, with profits up 65 per cent to €85.3M, from €51.6M in 2023.
Bringing US stocks offering
With this move, bunq will be able to bring its US stocks offering to American users, giving them access to self-directed investing, including mutual funds and ETFs.
“Our users roam the world – they live, work, and travel across borders,” says Ali Niknam, founder and CEO of bunq. “For many, the US is an important part of their lives. That’s why we’re excited to bring bunq Stateside and make life easy for Americans and anyone who calls it home.”
Besides the US, the Dutch neobank is also targeting the UK by applying for an EMI license as part of its international expansion plans.
bunq’s previous developments
In April, the neobank announced the launch of bunq Crypto for users in the Netherlands, France, Spain, Ireland, Italy, and Belgium.
The company also promised it will gradually expand bunq Crypto to the rest of the European Economic Area, as well as the US and the UK, where it has previously applied for operating licenses.
In August, De Nederlandsche Bank (DNB) imposed an administrative fine of €2.6M on bunq due to serious shortcomings in its anti-money laundering controls.
However, the Amsterdam challenger bank has outrightly disagreed with DNB’s decision and has appealed the fine.
The appeal procedure is still ongoing.
