Home News What if Revolut Isn’t the Only Threat? How Santander Is Quietly Targeting the US
Author: Rocco Pendola | Photos: Shutterstock: Mino Surkala
Europe's financial innovators are arriving in the US from more than one direction.
After moving to Spain from Los Angeles in January of last year, I quickly realized that much of the innovation in finance is happening in Europe. Meaning the seismic shifts in how consumers manage and spend money in their day-to-day lives.
U.K.-based fintech Revolut filed for a U.S. bank charter with the Federal Deposit Insurance Corp. recently and expects to establish a banking presence there next year, complete with high-yield savings and checking accounts; access to stablecoins, multi-currency deposits; trading in stocks and crypto; and access to ATM networks (no physical branches).
But as much as JPMorgan Chase & Co. CEO Jamie Dimon seems to—all at once—love, respect, and envy Revolut, I’m not so sure the banking and fintech establishments are quite ready for the neobank’s full-scale entry into the U.S.
As much as I believe Revolut — not to mention bunq — are building the future of finance in the U.S. from Europe , another, less-discussed name could present a significant challenge. Put another way: You can’t talk about neobanks upending personal finance in the U.S. without bringing Banco Santander SA into the conversation.
Fintechs alone may not be the most meaningful competitive challenge to U.S. banks, in other words.
Understanding why starts with one of the first questions Revolut skeptics and banking incumbents around the world love to float: Can a company become a primary financial relationship without being a major loan underwriter?
It’s difficult for a fintech to build a lending business, Felipe Peñacoba Martinez , CEO of Getnet Platforms Payments Hub (a Santander company) and former CIO at Revolut Bank (EU), told Global Finance . “Revolut is aware this takes time,” he said, “and they’re going slower than in other areas.”
Despite serving tens of millions of customers globally and holding roughly $67 billion in customer balances, Revolut’s loan book remains a fraction of that figure. Then again, its consumer lending business is also growing rapidly: up 120% year over year to $2.9 billion, according to the company’s 2025 report.
By banking standards, Revolut’s loan-to-deposit ratio remains small, but its lending segment is no longer theoretical. What matters is whether fintechs can scale banking capabilities faster than banks can scale digital ecosystems.
Peñacoba Martinez points to his own children, all three of whom use Revolut and don’t have a need the company can’t serve. “Big banks are seeing how neobanks are taking market share, especially among younger generations,” he says, and as these users eventually seek mortgages and more complex investment products, Revolut wants to serve those needs.
At day’s end, lending conveniently trotted out as a competitive obstacle is the kind of question keepers of the status quo ask when confronted with disruptive business models. Radio people dismissed streaming. Early Amazon.com Inc. skeptics pointed to the online retailer’s lack of profitability. Blockbuster Video scoffed at a $50 million offer to buy Netflix Inc. History is full of established players evaluating the future through the lens of the present.
The lending question becomes more useful as a lens than a verdict. Is it easier for fintec…