In 2010, 157 banks failed in the US. In 2018, for the first time since the 2008 crash, no banks in the US failed. With a now stabilised but still highly fragmented market, Monzo, the UK-based digital bank is finally crossing the pond bringing with it TransferWise's white labelled cross-border product.
The US banking market is not for the faint-hearted. Competitors find themselves up against thousands of local banks and credit unions in addition to the big household names (Chase, Wells, Bank of American and Citi).