US regulator rejects Dutch fintech Bunq's application for national bank charter
Bunq logo in this illustration taken November 27, 2025. REUTERS/Dado Ruvic/Illustration
Aug 7 : Dutch fintech Bunq said on Friday that the U.S. Office of the Comptroller of the Currency (OCC) had rejected its application for a national bank charter, dealing a setback to the company's plans to expand its banking operations into the United States.
• "The OCC wants to see a plan more specifically built for the U.S. market, with greater demonstrated experience in the products we want to offer, and detail on our financial structure," a Bunq spokesperson told Reuters in a statement.
• The OCC, in a letter dated August 4, said its denial was owing to "significant supervisory and compliance concerns".
• The OCC said the application did not clearly explain how Bunq would be capitalized in the United States and raised doubts about management's experience with unsecured credit cards, as well as the bank's ability to operate safely and turn a profit in the competitive U.S. market.
• Bunq said it plans to address the regulator's concerns and continue pursuing a U.S. banking presence.
• The Dutch fintech firm reapplied for a U.S. bank charter in January after withdrawing an earlier application at the start of 2024, Bloomberg News reported earlier this year.
• The company secured a FINRA-approved broker-dealer licence in 2025 that allows it to offer investment products in the U.S. and had hoped to follow that with a full banking licence.
• Last month, the OCC also rejected Wise's application to become a national trust bank, citing supervisory and compliance concerns. Wise has said it plans to submit a new application.
