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Investing.com -- The U.S. Office of the Comptroller of the Currency has rejected Dutch fintech Bunq’s application for a national bank charter, Reuters reported on Friday, marking a setback to the company’s planned expansion into the American banking market.
The OCC said in a letter dated August 4 that the denial was based on “significant supervisory and compliance concerns” identified during its review.
According to the regulator, Bunq’s application did not clearly explain how its proposed U.S. banking business would be capitalized. It also raised questions about management’s experience in offering unsecured credit cards.
The watchdog expressed further concerns about whether the company could operate safely, maintain sound banking practices and achieve profitability in the competitive U.S. market.
“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 said.
The Amsterdam-based digital bank plans to address the issues raised by the regulator and continue pursuing a banking presence in the United States.
Bunq submitted its latest charter application in January after withdrawing an earlier application at the beginning of 2024. A national bank charter would have allowed the fintech company to offer a broader range of banking services directly to U.S. customers.
The firm already secured a broker-dealer licence approved by the Financial Industry Regulatory Authority in 2025, allowing it to offer investment products in the country. Bunq had sought to follow that approval with a full banking licence.
The rejection follows a similar decision involving British fintech Wise. The OCC denied Wise’s application to become a national trust bank in July, also citing supervisory and compliance concerns. Wise has said it intends to submit a new application.
The two decisions indicate that fintech companies seeking U.S. banking charters continue to face close scrutiny of their capital plans, management expertise and compliance systems.
