Bunq's U.S. banking licence application rejected by regulators

Bunq, the Amsterdam-based digital bank, said its application for a U.S. banking licence has been rejected by regulators. The company had pursued a licence as part of a push into the United States, targeting internationally mobile customers. A rejection means Bunq cannot take deposits directly in the U.S. under its own charter and would need either to reapply, pursue a different regulatory route such as a partnership with a chartered bank, or shelve the expansion. Foreign-owned fintechs have found the U.S. chartering process difficult, with regulators scrutinising capital, ownership structure and anti-money-laundering controls.