Trump’s sweeping deregulation of the Dodd-Frank Act of 2010, which was enacted after the financial crisis to boost financial stability and increase accountability, helped open the floodgates to fresh lenders looking to grab a slice of the US’ banking market.
Last week Europe’s most valuable fintech company Revolut became the latest in a boat-load of the region’s brightest scale-ups to lodge a bid for a US banking permit.
Revolut’s commander-in-chief Nik Storonsky described the move as a “major milestone” as the neobank sets its sights on the 100 million customers mark.
Europe’s second-largest neobank Bunq, which boasts over 20 million customers, kicked off the year with its play for a US permit.
And more talent is poised to follow. Starling’s finance boss Declan Ferguson said the strategy marked an “interesting opportunity to own and operate” a regulated bank in the US whilst Monzo has long been tipped to be plotting a bid for a US licence