Dutch digital bank Bunq has secured a U.S. broker-dealer licence, reviving its ambitions to enter the American market after last year’s failed attempt to obtain a banking charter.

The approval, confirmed by the company and reported by Reuters, allows Bunq to sell U.S. stocks to retail investors — its first direct foothold in the world’s largest capital market. Chief executive Ali Niknam called it a “first step” toward a full U.S. banking presence, saying the firm plans to refile its banking application “as soon as we can.”

The Amsterdam-based neobank, known for its mobile-first accounts and “digital-nomad” branding, had previously filed with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. in 2023. It withdrew those applications early in 2024 after running into cross-border supervisory frictions between U.S. and Dutch regulators. The broker-dealer route offers a faster, lighter path: registration with the SEC and FINRA allows a fintech to handle securities trades without holding insured deposits.

The move mirrors strategies used by other European challengers such as Revolut, which also sought a securities licence before expanding its banking operations. It lets Bunq begin building relationships with U.S. customers while continuing to operate under its European banking licence at home.

The timing is not accidental. In August, the Dutch Central Bank (DNB) fined Bunq €2.6 million for anti-money-laundering lapses tied to customer-due-diligence processes from 2021 to 2022. Bunq disputes the findings and is appealing, but the sanction is likely to draw extra scrutiny from U.S. regulators as they review its compliance program. For now, the broker-dealer licence offers progress without the heavier oversight that comes with deposit-taking.

Founded in 2012 by serial entrepreneur Niknam, Bunq grew into one of Europe’s largest independent neobanks, boasting millions of users and a valuation near €1.8 billion after investments from Pollen Street Capital and others. Its product mix — multicurrency accounts, instant payments, and travel-friendly cards — has made it popular among expatriates and freelancers. Expanding into the United States, where retail trading has surged since the pandemic, could add both scale and brand visibility.

Under the U.S. broker-dealer regime, Bunq must maintain capital reserves, supervise representatives, and follow investor-protection standards such as Regulation Best Interest. It can hold customer assets directly or through a clearing partner; the company has not yet disclosed whether it will self-clear. Its initial offering is expected to combine cash management with stock trading, supported by its existing partnership with Mastercard.

The financial upside depends on execution. Typical revenue levers for online brokerages include margin lending, securities-lending income, and spreads from cash sweeps. Some firms also earn from “payment for order flow,” a controversial practice in which market makers pay brokers for routing trades. Bunq has not detailed its fee model or PFOF stance.

The compliance costs, meanwhile, are steep. New entrants must build surveillance, record-keeping, and trade-reporting systems that meet SEC and FINRA standards. They also face “blue-sky” filings with individual U.S. states. Given Bunq’s recent history with its home regulator, risk controls will be under the microscope.

The full banking charter — once the ultimate goal — has become a slower, riskier path, especially for overseas firms with evolving AML frameworks. The broker-dealer licence offers a halfway house: enough regulatory credibility to operate, but flexible enough to adapt before applying for insured-deposit status.

What happens next will hinge on how quickly Bunq translates the licence into a live product. FINRA BrokerCheck for its registered entity and any clearing partnerships, along with product filings will reveal whether it will offer margin accounts, options, or crypto access. The company is also expected to outline a timeline for refiling its U.S. banking application once its compliance remediation in the Netherlands is complete.

Bunq’s critics note that global expansion has tripped up many European challengers. Revolut has spent years wrangling with regulators on both sides of the Atlantic; Germany’s N26 ultimately exited the U.S. Yet proponents say Bunq’s step-by-step approach — starting with a securities licence rather than a full charter — could prove more durable.

The fintech once branded “the bank of The Free” has earned a modest but meaningful win. The licence grants it access to Wall Street’s infrastructure — and a second chance to convince U.S. regulators that a Dutch upstart can play by American rules.