Harsh Sinha, chief technology officer & US president at London-listed cross-border payment group Wise, says operating under US regulation presents “unique complexities”.“Unlike the more unified regulatory frameworks in Europe, operating in the US requires navigating state-by-state money transmission licences alongside federal regulations,” he says.“On top of that is a lack of direct access to US payments infrastructure for non-banks.
Revolut’s US chief executive Siddhartha Jajodia says the country is “critical” for its ambition to be a “global bank.” Monzo chief executive TS Anil agrees.“Our mission is about reaching millions and millions more customers and the US is the largest market in the world,” he says.
This fragmentation is why neobanks, which combine current and savings accounts with payment, investing and budgeting tools on one single app, believe they have room to grow in the US.“Monzo here in the UK helps people budget, helps people spend and save and invest and do a whole bunch of things in a single place with real tools for money management,” says Anil.“That product doesn’t exist in the US [even though] most American customers have high anxiety about their money.
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