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.

PSA: Biscuit bank account is the top account for cashback & perks on MoneySavingExpert AND we've topped the charts for regular savers too👀🏆

Read the full article here: https://t.co/rYeb2B5YZc
#BankwithBiscuit #FinanceTips pic.twitter.com/IRwKJZZgSK

— Zopa Bank (@Zopa) June 27, 2025

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 said to pursue UK, US banking licenses #Asia #SmartCity #SmartCities #SmartEcoCity https://t.co/0jExDFtTgF pic.twitter.com/WDQccyIscU

— 🏙 SmαrtEcoCity (@smartecocity) May 21, 2025

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.

In the past 12 months, Airwallex has seen a 390% growth in revenue in the region, solidifying its position as a key player in the Canadian fintech sector.- https://t.co/DBYNfSNIPG

— CPA Practice Advisor (@cpapracadvisor) June 27, 2025

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.

You have to give credit to Revolut for its amazing growth, now in Argentina.

Revolut will become the global bank that HSBC and Citibank wanted to be.

The irony is that it is based on ordinary people, not the High-Net-Worth accounts that HSBC and Citi focused on!

Think… pic.twitter.com/Jay8N2rdLg

— Richard Turrin (@richardturrin) June 27, 2025

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.