- A major European neo-banking start-up company, Bunq BV, is set to expand its footprints in the U.S.
- On Tuesday, the company applied for a banking license in the U.S., targeting to serve 5 million European emigrants and businesses in the U.S.
- Amid the collapse of Silicon Valley in the U.S. last month, the company is capitalizing on the opportunity to enter the U.S. banking industry with better offers and customized solutions.
- Bunq focuses on simplifying the banking experience for Europeans in the U.S. by offering better interest rates than traditional banks and catering to Europeans' needs of maintaining deposit insurance limits of up to €100,000.
- Its customized app offers a free savings account facility, with an option to unlock advanced features at a monthly subscription of €3 -€18 per month.
- The initiative will aid Bunq in maintaining its growth stream as it attained a milestone of €2.3 million profit in the fourth quarter of 2022.
