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Commentary American Banks Left the Door Open. European Fintechs Are Walking In.
The new battleground for U.S. banking will be about who owns relationships, not who has the biggest balance sheet.
Netflix Inc. co-founder and former CEO Reed Hastings said a few things in 2014 that American banks and fintechs should consider pinning on the breakroom wall or at the top of their main Slack channel.
“We were so obsessed with not being the next Kodak, the next AOL, about not being the company that clung to its roots and missed the big thing.” Hastings recalled: “We said if there’s a bias, we should be more aggressive; we have to be so aggressive it makes our skin crawl.”
Hastings was reflecting on Netflix’s failed 2011 decision to split its DVD and streaming businesses. The move turned him into a temporary laughingstock—one who, as history has made clear, had the last laugh.
It’s hard to imagine the CEO of a major American bank or fintech saying anything like this.
And that’s precisely the problem: While many U.S. banks and fintechs still think like financial institutions, Europe’s most ambitious challengers think like global technology companies.
Global technology companies don’t wait for perfect conditions; they navigate imperfect ones.
That’s the playbook businesses such as Netflix, Uber Technologies Inc., and Amazon.com Inc. followed because international expansion was always part of the plan. These companies didn’t use legal complexity as an excuse for standing still, nor did they stop after achieving success.
Of course, tech isn’t banking. One could argue that the stakes are higher and the consequences of being too aggressive are greater.
But Revolut Group Holdings Ltd. co-founder and CEO Nik Storonsky might politely disagree, because that’s exactly what London-based Revolut is doing as it blazes its global trail—politely disagreeing.
Amid exponential growth in Europe, the company has had to deal with different regulations, entrenched incumbents, and cultural barriers across nations—and, in some cases, even regions. For goodness’ sake, Revolut had to make Catalan, not Castilian (Spanish), the default language on its ATMs throughout Spain’s Catalonia region, which includes Barcelona.
The point is clear: The U.S. is hardly the only market where regulation and culture can feel like roadblocks. Fintechs such as Revolut have amassed considerable experience dealing with these obstacles.
As Yorick Naeff, head of innovation at ABN AMRO Bank NV, told me, Europe may talk about a single market, but companies still have “to conquer every market separately again and again.” Tax systems, know-your-customer rules, reporting requirements, consumer behavior, and language all change from country to country—as do the challenges along the way.
In other words, Europe is already a regulatory maze. Fundamentally, the U.S. isn’t a different challenge; it’s just a new one.
Recently, the Financial Times reported that the European Central Bank placed restrictions on Revolut in 2025 to slow down the company’s rapid approval of new products. In April, news broke that Italian authorities fined Revolut €11.5 million ($13.3 million) for “unfair commercial practices.”
Revolut’s response has been a mix of pushback, lip service, and concrete action, such as hiring experienced banking executives who can help the company scale globally while managing complex regulatory environments. None of this has stopped what Storonsky called the company’s “self-guided missiles”—small groups of employees who have the latitude to deploy new products rapidly with minimal corporate oversight.
Revolut has more than 70 million customers worldwide, up from 50 million in November 2024. Across France, Poland, Germany, the U.K., Ireland, Italy, and Spain, nearly one in three new financial accounts is with Revolut. Despite the regulatory friction, Revolut adds about four new Italian customers per minute. In Spain, where traditional banks are thought to have a stronghold, Revolut has more than 6 million accounts for a 13% penetration rate, making it the country’s fourth-largest bank by number of customers.
Revolut enters the U.S. battle-tested, armed with the necessary experience to navigate another complicated regulatory landscape, ready to seize the opportunity American banks and fintechs have left wide open.
To an observer in Europe, one thing is obvious: The U.S. still lacks a company trying to own the entire financial relationship.
Americans still piece together banking, payments, investing, foreign exchange, travel, insurance, and mobile connectivity across multiple platforms. That’s far less the case in Europe and elsewhere around the world.
Revolut, the U.K.’s Monzo Bank Ltd., Germany’s N26 AG, and the Netherlands’ bunq BV all extend well beyond traditional banking. Spain’s Banco Santander SA recently launched an eSIM directly in its app. Swedish buy-now-pay-later pioneer Klarna Bank AB is a fully licensed bank in the E.U. and has applied for its U.S. banking license.
None of these companies see banking as a collection of products. They want to be the primary financial relationship—the place where customers start, not occasionally visit.
Ironically, the closest the U.S. has to this model isn’t a traditional bank at all; it’s Cash App. Block Inc., the parent company of Cash App, deserves enormous credit for recognizing that consumer finance is about more than checking, high APYs, and commission-free stock trades. But as big as it has become, Cash App remains more narrowly focused than the expansive ecosystems emerging across Europe, many with their sights set on the U.S.
JPMorgan Chase & Co. CEO Jamie Dimon also deserves credit for recognizing that something has changed. When he admitted he was jealous of Revolut’s speed, it didn’t take a linguist to read between the lines.
Sure, Dimon was complimenting a rival—as JPMorgan continues to compete more aggressively on Revolut’s European turf—but it appears he was sending a message to the U.S. banking establishment. By and large, the companies operating like tomorrow’s global consumer platforms aren’t American, and their speed and ambition are something to aspire to.
So why take on America now? As Naeff pointed out, part of the reason “is the size of the market; with even a small percentage market share, you can create an attractive business case.” Just as importantly, these companies believe they can compete not simply on rates or fees, but on experience.
Unless more American banks and fintechs start thinking like global tech companies—such as Netflix, Uber, and Amazon or, in their same sector, like Santander—Europe’s challengers won’t just enter the U.S. market; they’ll redefine what consumers come to expect from the companies they trust with their money.
Rocco Pendola is a U.S.-born journalist based in Spain covering finance, fintech, and investing.
Ceuta, on Morocco’s northern coast, is separated from mainland Spain by the Strait of Gibraltar and has long been a focal point for migrants attempting to reach Europe.
Local officials had appealed to Madrid for help after a recent rise in attempted crossings, but there were chaotic scenes on Thursday as border controls apparently broke down.
The astonishing estimation by Spanish officials suggests the number of migrants who entered into Ceuta in the last day or so could be more than half of the population of the city – which sits at around 83,600, according to the latest local figures.
Spain later deployed its armed forces to bolster security in Ceuta and at its sister city of Melilla, where between 300 to 400 crossings were also reported overnight.
Coveted by Morocco, both cities have long been a flashpoint in diplomatic relations with Spain. Madrid asserts that both territories are integral parts of Spain and have the same status as the semi-autonomous regions on its mainland.
They form the European Union’s only land borders with Africa.
July 26 (UPI) — After nearly two weeks of nightly bombing, the United States and Iran entered their second day of no new attacks Sunday, U.S. defense officials said.
Pentagon officials told CNN that U.S. attacks on Iran were “on a hold” after 13 consecutive nights of bombing the country. U.S. allies in the war on Iran have also reported no new strikes out of Tehran.
Iranian army spokesman Mohammad Akraminia confirmed the pause by his country in a statement carried by The Guardian.
“These [U.S.] attacks continued until two nights ago, but over the past two nights the Americans have stopped their attacks,” he said. “Our strategy has essentially been retaliatory, we have also halted our retaliatory operations.”
U.S. officials told The New York Times that President Donald Trump had delayed his plans to escalate fighting if talks didn’t continue. They said he was motivated by dwindling stockpiles of missile interceptors.
Iranian officials, meanwhile, have portrayed the U.S. pause on strategic fatigue, CNN reported.
Amid the lull in violence, Iran’s foreign ministry said there had been some movement in negotiations regarding the control of the Strait of Hormuz. Tehran had essentially closed the strait to traffic after the United States and Israel began its strikes on Iran on Feb. 28.
The action put strain on the world’s energy markets because about one-fifth of the world’s oil transits the strait. The resulting spike on oil and gas prices has put strain on the Trump administration to end the war.
Tielemans’s penalty late into stoppage time of extra time capped Belgium’s comeback from 2-0 down in Seattle.
Published On 2 Jul 20262 Jul 2026
Youri Tielemans struck a 125th-minute penalty as Belgium rallied from two goals down and defeated Senegal 3-2 after extra time in their World Cup last -32 clash in Seattle to keep alive their title hopes, which had looked dead and buried.
Senegal’s Lamine Camara slid in on Tielemans as the ball flashed across the face of goal and conceded the spot kick after a video assistant referee review, with the Belgian picking out the top corner to complete an extraordinary comeback on Wednesday.
Habib Diarra and Ismaila Sarr had given Senegal a deserved 2-0 lead, and they looked to be cruising through to the next round before Belgium netted twice in the final four minutes through Romelu Lukaku and Tielemans to force extra time.
Belgium now face the winner of Wednesday’s last-32 clash between cohosts United States and Bosnia and Herzegovina in the next round in Seattle on Monday.
It was cruel on Senegal, who controlled much of the 90 minutes, and struck the woodwork twice, but could not see out the game.
They became the fourth African side to bow out in a narrow defeat in the last 32 after South Africa, Ivory Coast, and the Democratic Republic of the Congo, and will wonder how they managed to let this one slip.
Senegal were inches away from the lead when Ismail Jakobs’s cross from the left was parried by Thibaut Courtois, but a stretching Sarr could only steer the loose ball onto the post.
When the African side did break the deadlock in the 25th minute, it was no surprise. Sadio Mane’s cross was headed goal-wards by Sarr, but his effort came off the post again.
This time, the loose ball fell kindly for Diarra, and he side-footed home from 7 yards.
Maxim De Cuyper forced an excellent save from Senegal goalkeeper Mory Diaw with a shot that looked to be heading into the top corner as Belgium trailed at the break.
Belgium brought on Lukaku for the ineffective Charles De Ketelaere at half-time, but were soon 2-0 down.
A stunning long pass from Moussa Niakhate was brilliantly controlled on the chest by Sarr, who held off two defenders before thundering the ball into the net in the 51st minute.
Belgium struggled to create clear-cut chances until the final five minutes, and almost out of nowhere turned the game on its head by netting twice in three minutes.
First, Lukaku turned the ball in at the near post from Thomas Meunier’s low cross, and Leandro Trossard’s ball into the box from deep was headed into the net by Tielemans.
Those two had been involved in a heated exchange earlier in the match, but it was all smiles and hugs when the equaliser went in, before Tielemans was central again in the winner.
Senegal fought back until stoppage time but couldn’t draw level and must beat Iraq for a chance to progress.
Published On 23 Jun 202623 Jun 2026
Erling Haaland scored his second World Cup brace in a row as Norway beat Senegal 3-2 at New York New Jersey Stadium to secure their place in the last 32.
Norway substitute Marcus Holmgren Pedersen struck late in the first half, before Haaland doubled the lead shortly after the break in the Group I fixture on Monday.
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Ismaila Sarr cut the deficit for Senegal, only for Haaland to punish more slack defending as Norway progressed to the knockout rounds with a game to spare, despite a late consolation from Sarr.
Manchester City forward Haaland now has four goals in two games at the tournament, hot on the heels of Lionel Messi’s double earlier in the day, which carried him to a record 18 World Cup goals. Not to be outdone, Kylian Mbappe scored another brace, too, as France beat Iraq 3-0.
Norway have lost only once in their last 18 matches and will take on France in a compelling battle for top spot in the group in Boston on Friday.
Senegal must beat Iraq, who are also without a point, in their final game to stand a chance of avoiding an early exit.
Led by the unstoppable Haaland, who increased his astonishing international goals tally to 59 in 52 games, Norway recorded back-to-back wins at the World Cup for the first time.
They added weight to the belief they can do serious damage at these finals with a dominant display against a Senegal side that paid heavily for their errors.
Norway quickly set the tone as Kristoffer Ajer’s header forced Senegal goalkeeper Edouard Mendy into a terrific save with his legs at a corner, but they lost full-back Julian Ryerson to injury early on.
Captain Martin Odegaard skied over an inviting cut-back from the right for Norway, as Nicolas Jackson looked to be Senegal’s most dangerous threat.
Mendy again came to Senegal’s rescue with a superb block to deny Odegaard, after Haaland cushioned down Antonio Nusa’s chipped cross into the box.
But Mendy allowed Pedersen’s low drive to creep under him after a dreadful mistake from skipper Kalidou Koulibaly gave the ball to the replacement right-back on the edge of the box.
Haaland rolled against the post from a tight angle after Mendy got in a tangle, but he made amends three minutes into the second half as Norway sliced Senegal apart on the counterattack.
Odegaard surged upfield and slid a pass through to Haaland, who buried an emphatic finish past Mendy to add to the two goals he scored in Norway’s opening 4-1 victory over Iraq.
Senegal clawed their way back as Sarr showed great composure to poke home after tumbling to the ground following a clever flick into the area by Sadio Mane.
However, Koulibaly was at fault once more, failing to clear as Haaland steered a volley in off the crossbar from Patrick Berg’s cross, delighting Norwegian fans, who provided a colourful backdrop with their viral, rowing chant.
Mory Diaw came on for the injured Mendy in goal, but only a headed goal-line clearance from Pathe Ciss prevented Oscar Bobb from netting Norway’s fourth.
Sarr’s second of the night set up a tense finish, but Norway held on to join France in the next round and leave Senegal’s hopes hanging by a thread.
Sarr also became the first Senegalese player to score at two different World Cups.
May 30 (UPI) — A United Airlines flight traveling from Chicago to Minneapolis had to be diverted after an unruly passenger attempted to breach the cockpit.
The Minnesota-bound flight instead safely landed at Dane County Regional Airport near Madison, Wisc., “to address a security concern with an unruly passenger,” the airline told The Guardian and NBC News.
The Federal Bureau of Investigation and local police responded to reports about the passenger, who was detained at the airport after the flight landed.
“I do not believe they ever cuffed him, but they were able to finally get control of him after multiple attempts to try to breach the cockpit,” a crew member told air traffic controllers.
“I believe at this point he is seated in a seat and flanked with law enforcement officers on either side,” the crew member said.
The Dane County sheriff’s office told USA Today that the 75-year-old passenger who attempted to breach the cockpit several times appeared to be having a mental health crisis and seemed to be confused.
None of the 147 passengers and six crew members aboard the Boeing 747 was hurt in the incident.
Police said that the man’s family was traveling to Madison from Minneapolis to meet him and that no criminal charges are expected to be filed against him.
Czech club Bohemians 1905 are recruiting fans to play for a C team that will enter the country’s football league system next season.
The Prague-based club intend to enter a team of supporters in the ninth tier of Czech football.
Fans have been encouraged to express interest by email.
“The goal of this unique project won’t be to advance as high as possible, but to offer Bohemians fans the joy of football and the pride of wearing the kangaroo on their chest,” a club statement read.
The club, also known as Bohemka, have a kangaroo emblem that stems from their tour of Australia in 1927, when they were gifted two of the animals to take home.
Bohemians, whose honorary president is former Czechoslovakia midfielder Antonin Panenka, went bankrupt in 2005 but have been ever present in the Czech top flight since 2013 thanks to a revival that was helped by the fundraising of supporters.
“Thanks to the fans, Bohemka continues to play football. Now it’s time for Bohemka to enable the same for its fans,” the club said.
The new C team are unlikely to ever face the club’s first team in competitive competition as only sides in the top four divisions of Czech football qualify for the Czech Cup.
Bohemians are currently crowdfunding for the complete reconstruction of their Dolicek stadium, which will cost an estimated 350 million Czech Koruna (£12.4m).
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Veteran investor George Noble said investors should avoid long-dated bonds and instead focus on energy, commodities, and gold miners as rising deficits, sticky inflation, and higher yields reshape markets.
(George Noble, in collaboration with Seeking Alpha, will host the