Why Fintechs Keep Choosing the Netherlands: DNB Licensing Trends Explained

Even as global fintech funding cooled after its 2021 peak, licensing activity in the Netherlands tells a different story. This report looks at authorization trends from De Nederlandsche Bank (DNB) between 2019 and 2025 to understand why payment and e-money institutions continue to establish themselves in the Dutch market.

By tracking Payment Institution (PI) and E-Money Institution (EMI) licenses over time, the analysis shows how regulatory change, from PSD2 and Brexit to MiCAR and instant payments regulation, has consistently driven demand for Dutch authorization. Notably, licensing activity remained strong in 2023–2025 despite a sharp drop in global funding, signalling that regulatory strategy is increasingly decoupled from funding cycles.

The report also highlights the growing international profile of applicants, with companies from the UK, US, Asia, and across Europe using the Netherlands as a gateway to the EU market. For fintech founders, compliance leaders, and payments companies planning European expansion, this report offers a clear snapshot of how regulation, timing, and market access intersect.