Adrian JohnsonTLDR: Dutch neobank bunq has submitted an application for an E-Money Institution (EMI) licence in the UK as part of its expansion plans outside of the European Union (EU). The move comes after bunq reported its first full year of profitability in 2023, with a pre-tax profit of €53.1m ($57.55m). The UK market, with its estimated 2.8 million digital nomads, presents an opportunity for bunq to extend its services. The neobank is already licensed across the EU and is awaiting a banking permit in the US.
Bunq, the Dutch neobank, is looking to expand its operations outside of the European Union (EU) and has submitted an application for an E-Money Institution (EMI) license in the UK. The neobank has reported its first full year of bottom-line profitability in 2023, with a pre-tax profit of €53.1 million (US$57.55m). The UK market, which has a large number of digital nomads, represents an appealing opportunity for bunq. The neobank is already fully licensed across the EU and is awaiting a banking permit in the US.
Bunq has reached a milestone in its journey towards expanding beyond the EU, as it has submitted an application for an E-Money Institution (EMI) license in the UK. This move comes after the neobank achieved its first full year of profitability in 2023, reporting a pre-tax profit of €53.1 million (US$57.55m). The UK market is particularly attractive to bunq, as it is home to an estimated 2.8 million digital nomads. The neobank is already licensed across the EU and is waiting for a banking permit in the US.
