The news: Dutch neobank Bunq is expanding in the US and has applied for a broker-dealer license—a step toward a full banking license, per CNBC.

The strategy: With the broker-dealer status, Bunq can offer most services in the US with the exception of savings accounts. But the neobank doesn’t want to stop there—it plans to reapply for a full US banking license in the fall.

Despite stiff competition in the US from big banks and fintechs, Bunq sees an opportunity in serving globally mobile users with a digital-first approach—something that could resonate with young, digitally savvy consumers.