Fintech battlegrounds: Europe vs. the US

Marcel Klimo of vacuumlabs s.r.o. summarizes the key differences between the fintech ecosystem in Europe and in the United States.

Illustrative stock photoIllustrative stock photo (Source: Sme)

If you asked a stranger on the street where they keep their money, the most common answer would most likely be a bank. That’s where you go to store your money and hopefully see it grow over time. But that is now changing all around the world.

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A new wave of so-called ‘fintechs’ merge the world of technology and finance, providing easy access to mobile internet with the safety and security of traditional banking. These mobile apps like Revolut, N26 and Monzo, just to name a few, have hundreds of millions of euros in investor funding and are starting to chip away at the facade of traditional banking giants.

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