bunq, which claims to be one of Europe’s largest neobanks, has reportedly been approved by FINRA in order to operate as a US broker-dealer – a move that is said to have been driven by users who reside, work, and invest across Europe as well as the US markets. The recent approval marks bunq’s initial step in bringing its client-centric products across the Atlantic.
FINRA, the Financial Industry Regulatory Authority, is a private, not-for-profit organization that acts as “a self-regulatory body for U.S. brokerage firms and their registered brokers.”
Its mission is to protect investors and ensure market integrity “by creating and enforcing rules, conducting investigations, and overseeing broker-dealer operations and market dealings.”
FINRA is not a government agency, but it is overseen by the Securities and Exchange Commission (SEC).
Now operating as an approved broker-dealer, the mobile bank will be able to bring its US stocks product offering to U.S.-based users, providing them access to self-directed investing, such as mutual funds and exchange-traded funds (ETFs), as part of its broader product launch.
According to a release, bunq is now expanding in order to bring its user-centric approach to digital nomads, expats, global entrepreneurs, and remote professionals with links to both sides of the Atlantic; a model that has reportedly attracted more than 20 million users across diverse European markets.
The neobank’s users roam the world – they tend to also live, work, and travel across borders, explained Ali Niknam, founder and CEO of bunq.
Niknam also mentioned that for many people, the United States is considered to be an important part of their lives. He added that this is why they’re looking forward to bringing bunq Stateside and making life convenient for Americans and anyone else who might also call it their home.
The update comes as bunq continues to focus on building momentum globally, having announced its user base topping 20 million users across Europe.
The European Fintech company has also set its business expansion sights on the United Kingdom, submitting an application for an EMI license as part of its ongoing international expansion efforts.