U.S. regulators have rejected Bunq’s request for a U.S. banking license, citing supervisory and compliance concerns. This move is a setback for the Dutch fintech company’s expansion plans in the country.

The Office of the Comptroller of the Currency stated that the application failed to clearly explain how the company would maintain sufficient capital. The regulator also expressed concerns regarding management’s experience with unsecured credit cards, the company's main lending product.

Additionally, the OCC noted in a letter dated Aug. 4 that the application did not demonstrate that the Amsterdam-based company could achieve profitability within the competitive U.S. market.

Bunq, which targets digital nomads and expatriate communities, stated it will analyze the feedback and continue to pursue U.S. expansion. The company had previously applied for a license in 2023 but backed out the following year due to regulatory concerns.