Fintech has been in America for a long time. Anywhere from Paypal (with all its faults) to Simple (acquired by BBVA Compass) to Stripe to Square and it has been around for a while. What is missing is the standalone challenger banks and that is because of the onerous banking regulations, and the litany of KYC and AML regulations that box out poor people (they are unprofitable due to the heavy regulations) from the financial ecosystem.
If we lowered or removed the regulatory burdens (especially at the federal level) then innovation would blossom and VCs would fund every challenger to the incumbents.
If we lowered or removed the regulatory burdens (especially at the federal level) then innovation would blossom and VCs would fund every challenger to the incumbents.