Zopa vs Revolut et al: Fintech Heavyweights Are Just Getting Started


Zopa launches current accounts to battle Revolut and Monzo in the UK,
while Airwallex sharpens its global edge with fresh licenses and expansion
sprees.

Zopa Bank Goes All In

Zopa Bank, the UK-based digital lender that’s been steadily evolving
since its P2P lending days, is stepping into the ring with the big boys. The
challenger bank has launched current accounts aimed squarely at dislodging
fintech incumbents like Revolut and Monzo.

The move positions Zopa as a full-service neobank, now offering
everything from savings and credit cards to auto loans and—finally—daily
banking. Its pitch? A
no-nonsense current account with zero monthly fees, fee-free spending
abroad, and interest on balances. Oh, and no gimmicks.

But while Monzo and Revolut have spent years building user bases
through aggressive expansion and buzzy features, Zopa is banking on trust. It
holds a full UK banking license and is FSCS-protected—something that still sets
it apart from Revolut, which remains a licensed
e-money institution in the UK.

Airwallex Flexes Its Regulatory Muscle

While Zopa beefs up at home, Airwallex is busy unlocking global
level-ups. The Australian-born fintech unicorn is going for banking
licenses in both the UK and the US—marking a key milestone as it eyes
deeper market penetration in the world’s two largest financial hubs.

Airwallex doesn’t just want to be your go-to for cross-border business
payments—it wants to be the infrastructure. Think: APIs for embedded finance,
virtual wallets, and local currency accounts.

These licenses will let Airwallex offer more localized services. And if
that sounds like it puts them on a collision course with Revolut, well… it
does.

This marks a clear evolution from global payments facilitator to
full-stack fintech. And with the regulatory runway cleared in both the US and
UK, Airwallex is poised to push further.

Airwallex Eyes Canada’s Cross-Border Boom

Airwallex is also planting flags in Canada. The
company has seen rising demand, especially among SMEs seeking faster,
cheaper global payments.

Recently, the firm announced rapid customer growth across Canadian
businesses, particularly among digital-first companies that need real-time
settlement, multi-currency support, and easy API integration.

“We’re seeing strong momentum in Canada, particularly among small and
mid-sized businesses with global ambitions,” said Ravi Adusumilli,
President of Americas at Airwallex. “These companies are underserved by
traditional banks and legacy providers when it comes to managing international
payments and financial operations. Airwallex is filling that gap—with faster,
more cost-effective solutions that help Canadian businesses grow beyond
borders.”

With North America now fully in play, Airwallex is rapidly becoming a
fintech freight train.

Revolut Lands in Argentina

Meanwhile, Revolut is busy writing its own plot twist. The fintech
giant just made a major move into Latin America, acquiring
a local lender from BNP Paribas to enter Argentina.

This acquisition gives Revolut a direct entry point into one of the
region’s most volatile—but digitally hungry—markets. Argentina’s hyperinflation
and regulatory maze haven’t scared off the app, which sees opportunity in
financial chaos.

But if it works, it could establish Revolut as a powerful neobank in
South America, much as it has in parts of Europe. This could be a model for
further expansion in countries where traditional banks have lost public trust.

The Gloves Are Off

Between Zopa’s move to frontline fintech, Airwallex’s regulatory wins,
and Revolut’s Latin American gambit, the global fintech war is heating up.
Expect more market share grabs, more local partnerships, and increasingly
blurred lines between banks, tech companies, and financial infrastructure
players.

One thing’s certain: this isn’t just a digital banking story anymore.
It’s a global arms race—and the next moves could reshape the future of finance.

For more stories of fintech, visit our dedicated pages.

This article was written by Louis Parks at www.financemagnates.com.



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