Europe's Fintechs Leave American Banks in the Dust

American banks and fintechs are struggling to keep pace with their European counterparts, who are expanding rapidly into new markets.

Nik Storonsky, co-founder and CEO of Revolut Group Holdings Ltd., has amassed experience dealing with regulation and cultural barriers across various countries, including Spain's Catalonia region, where the company had to make Catalan the default language on its ATMs.

The European Central Bank placed restrictions on Revolut in 2025 to slow down the company's rapid approval of new products, but this hasn't stopped Revolut's growth. The company has more than 70 million customers worldwide and is adding about four new Italian customers per minute.

Revolut enters the U.S. market battle-tested, ready to seize the opportunity American banks and fintechs have left wide open.