At Extreme Investor Network, we strive to bring you the latest and most valuable information in the financial world. Today, we are excited to share with you the news about Dutch digital bank Bunq’s plans to re-enter the U.K. market to cater to the needs of British digital nomads.
Bunq, known for its innovative approach to banking and colorful rainbow-colored cards, initially launched in the U.K. in 2019. However, Brexit forced the bank to exit the market in late 2020. Now, Bunq is eagerly awaiting approval from U.K. financial regulators to secure a banking license and make a successful re-entry into the U.K. market.
The firm’s CEO and founder, Ali Niknam, expressed optimism about the process, stating, “I hope we’ll get somewhere by the end of the year, maybe early next year, because the U.K.’s processes may be slightly different to Europe because it’s a different regulatory area.”
Despite the challenges posed by Brexit, Bunq sees great potential in tapping into the market of some 2.8 million British digital nomads. The company has already submitted an application with the Financial Conduct Authority for an electronic money institution license, a crucial step towards its reentry into the U.K. market.
While securing a banking license poses its own set of challenges, Bunq remains determined to expand its reach and provide innovative banking solutions to its customers. With a user base of 12.5 million across Europe and deposits of 8 billion euros, Bunq is well-positioned to make a significant impact in the U.K. market.
In addition to its plans for the U.K., Bunq is also eyeing expansion in the United States, with a federal bank charter filed in April 2023. The company reported its first full year of profitability earlier this year, generating 53.1 million euros in net profit in 2023.
Stay tuned to Extreme Investor Network for more updates on Bunq’s journey into the U.K. market and other exciting developments in the world of finance. Our commitment to providing you with valuable insights and unique information sets us apart as your go-to source for all things finance.