New York has no shortage of impressive fintech startups, but when it comes to challenger banks, everyone is looking to London.
New York fintech holds its own against any other startup scene, no doubt about it – but even New Yorkers will admit that London is ahead when it comes to challenger banks. During a recent reporting trip to New York, the consensus was clear: there’s great admiration for up-and-coming UK banks like Starling and Monzo (which changed its name from Mondo in August). These are the next-generation banks that are offering a full retail banking service, rather than just a front-end built on top of existing infrastructure. “This is what I want [to see] more of the US. I want new online banks built from the ground up. I want to see somebody do it,” said Joe Ziemer, head of communications and policy initiatives at Betterment, when we met in May. banking sector.