OCC rejects Bunq's US bank charter bid, stalling 20M-user push

Bunq's 20-million-user push into US consumer banking stalled when the OCC rejected its national bank charter application over capital and compliance gaps.

The US Office of the Comptroller of the Currency rejected Bunq's national bank charter application, blocking the Amsterdam fintech's path to direct consumer banking in America and forcing the 20-million-user lender to rework its capital plan and management credentials.

"The OCC wants to see a plan more specifically built for the U.S. market, with greater demonstrated experience in the products we want to offer, and detail on our financial structure," a Bunq spokesperson told Reuters.

The regulator, in a letter dated Aug. 4, cited "significant supervisory and compliance concerns," saying the application did not clearly explain how Bunq would be capitalized in the US. It also raised doubts about management's experience with unsecured credit cards — Bunq's main lending product — and the bank's ability to operate safely and turn a profit in the competitive US market.

The denial follows the OCC's July rejection of Wise's national trust bank application, pointing to a high bar for foreign fintechs seeking US banking charters. Bunq, which holds a FINRA-approved broker-dealer license secured in 2025, said it will address the concerns and resubmit, though any new decision is unlikely before 2027.

What the OCC wants

Bunq submitted its latest charter application in January after withdrawing an earlier attempt at the start of 2024. A national bank charter would have let the firm accept deposits, issue loans, and offer a full suite of banking services directly to US consumers, bypassing the need to partner with an established American bank.

The regulator's letter made clear it is not fundamentally opposed to a digital bank from the Netherlands operating on American soil. Rather, it wants a proposal tailored to US market dynamics instead of an extension of Bunq's European model. The company, led by Chief Executive Officer Ali Niknam, focuses its offering on so-called digital nomads and previously said it would target metropolitan areas with large expatriate communities to drive US growth.

A crowded path to US banking

Bunq has not been entirely shut out of the US market. In 2025 it secured a broker-dealer license approved by the Financial Industry Regulatory Authority, enabling it to distribute investment products in the country — a step it had hoped to follow with a full banking license.

The back-to-back denials of Bunq and Wise show US regulators are keeping a high bar for foreign fintechs, particularly around capital planning, management expertise, and compliance infrastructure. Bunq, which recently surpassed 20 million users and is also targeting a UK banking license, will need to demonstrate deeper operational experience in the products it intends to offer and provide granular detail on its financial structure. Given the OCC's review process typically spans several months, any resubmitted application is unlikely to yield a decision until well into 2027.

For investors, the setback delays Bunq's competitive standing in the US market, where it would have faced entrenched digital banks and card issuers. The company remains private, so the direct market impact is limited, but the rejection shows the regulatory friction foreign fintechs face in converting European scale into American banking licenses.

This article is for informational purposes only and does not constitute investment advice.