2019 is the year of expansions of European Neobanks abroad and on the American market. They are joining the debit/credit cards already launched in the United States in 2019 such as the Apple Card or Cash Management from Robinhood. They complete the existing offer like Chime or Simple that was bought by the BBVA bank.
TransferWise came first this summer with its multi-currency account and MasterCard debit card. In the US, it supports Apple Pay and Google Pay in contrast to cards issued in Europe, Australia, New Zealand and Singapore.
Then, N26 landed in the US in collaboration with Axos Bank. This allows them to avoid the complexity of the US market where a specific license is required in each of the 50 states. A special feature is that the card is issued on a Visa network.
The latest entrant will be Revolut which will be available before the end of the year with their standard card, Premium and Metal. They chose MasterCard for their American debut. Currently in testing with a limited number of users, Revolut had just announced a partnership with Visa to expand into 24 new markets, for a total of 56 around the world. Nik Storonsky, founder and director of Revolut, said, “The launch in the US will be a milestone for us and we are delighted that Mastercard is becoming our key market partner.”
The battle may be interesting and tough with their American competitors such as the giant Apple in a market as big as the United States.