Dutch neobank startup Bunq plans U.S. expansion amid hiring spree and 65% profit surge — doubling down on digital nomads

Six months ago, Dutch neobank startup Bunq went on a hiring spree—just as other fintechs were cutting staff. Now, that bold move looks like it’s paying off. On Tuesday, Bunq announced it has filed for broker-dealer registration in the U.S., moving ahead with its plans to expand beyond Europe.

The move comes as the company doubles down on serving digital nomads — a growing group of remote workers who live across borders — and looks to get closer to a full U.S. banking license.

CEO Ali Niknam said the broker-dealer filing is the “initial step” in that direction, though he didn’t give a timeline on when Bunq expects to secure full banking approval in the U.S. Still, the company seems confident in its plans.

With the broker-dealer license in hand, Bunq would be able to offer most of its services stateside — except for savings accounts — which is still a big win for its international user base. “We can offer our users who have an international footprint — which is the user demography we’re aiming for — a great number of our services,” Niknam told CNBC.

Founded in 2012, Bunq has positioned itself as a counter to traditional banking, branding itself as the bank for “digital nomads.” The approach seems to be working. The Amsterdam-based fintech now has around 9 million users, up from 5.4 million a year ago. Deposits have climbed to €4.5 billion, compared to just €1 billion two years earlier.

The company isn’t stopping with the U.S. It’s also applied for an e-money license in the U.K., where it previously operated but exited in 2020 following Brexit. Bunq had initially filed for a U.S. banking charter in April 2023, but pulled the application earlier this year, citing friction between Dutch regulators and U.S. agencies. The plan is to resubmit the full application later this year.

As Bunq pushes into new markets, it’s also been growing its team across several functions — sales, product, PR, marketing, development, user support, and more. Many of these roles offer remote flexibility, aligning with the company’s pitch to digital nomads. Still, Bunq plans to maintain physical offices in cities like Amsterdam, Istanbul, New York, London, Madrid, and others.

65% Profit Surge

Beyond expansion, there’s momentum on the financial front, too. Bunq reported a 65% jump in annual profit, reaching €85.3 million ($97.2 million). That growth came mainly from a 55% increase in net interest income, boosted by higher rates on customer deposits held at the central bank. Fee income rose 35% as well.

Niknam credited the results to more than just a favorable interest rate environment. “Because we are so lean and mean, and because we have set up all of our systems from scratch … we have been able to not only increase our profits, but also offer very good interest rates in the European market in general, and in the Netherlands specifically,” he told CNBC.

With strong numbers and a growing user base, Bunq seems set on challenging the fintech incumbents like Monzo and N26 — and maybe making a name for itself in the U.S. market along the way.