why haven't we seen more neobanks in europe? 

just revolut, n26, bunq so far it seems? regulation in each country too hard to navigate?

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My guess is that there is more regulation and less money to be made in general, so costs are higher and revenues lower.

America’s system is really « bottom up », they actually have some of the most banks per capita, and lots of space for middlemen to take a cut on tx volume.