The $2 billion (c. £1.5bn) firm, which reached 20 million users within a decade, is understood to be weighing an application for a full permit that would allow it to offer its complete range of banking services in the UK. Sources familiar with the matter cautioned that plans remain subject to change, with no formal application yet submitted, City AM reports.

In 2024, Bunq applied for an electronic money institution permit, which lets non-bank fintechs issue money, hold customer funds and process digital payments.

The bank operated in the UK under a European banking licence before Brexit but stopped offering new accounts at the end of 2020 owing to the regulatory burden of the country’s departure from the EU. It began plotting a return in 2023.

A move now would break a notable lull in the market. The number of applicants for UK banking licences fell to zero in 2025, raising questions over the ability of the government and regulators to foster competition and attract overseas investment.

Just five foreign banks have been authorised in the UK since 2020, according to a Freedom of Information request by consultancy Pathlight. Payments firm Wise was also reported last year to be considering a licence bid.

Bunq posted a second consecutive year of profit at €85.3m (c. £63m) for the 2024 financial year, up 64%, driven largely by interest income, which nearly doubled to €245.3m. Earlier this year it filed for a US banking licence, joining a wave of European digital banks targeting that market. Revolut, which won its own UK banking licence in March after a lengthy wait, has likewise applied to operate in the US.

A Bunq spokesperson said the company could not share details of the regulatory process, adding that the UK remained a priority market for its users.