From CNBC: 2024-06-03 01:05:56

Dutch digital bank Bunq plans to re-enter the UK market by obtaining a banking license to target the 2.8 million British digital nomads. The bank initially launched in the UK in 2019 but had to exit due to Brexit. Bunq is working with UK regulators and aims for success.

Bunq faces challenges in the UK market as it competes with fintech giant Revolut for banking licenses. Securing a banking license would allow Bunq to offer loans, distinguishing it from e-money licenses. Despite the difficulties, Bunq is determined to tap into the underserved British digital nomad market.

Founded in 2012, Bunq has grown to become one of Europe’s largest neobanks, boasting 12.5 million users and 8 billion euros in deposits. The bank reported profitability in 2023 and is expanding into the US market, with a federal bank charter application filed earlier in April 2023. Bunq’s valuation stands at 1.65 billion euros.

Read more: Dutch neobank Bunq hopes to secure UK banking license this year