From Revolut’s new ATM’s to Amex using a teaser campaign to set expectations for a new business card, Andrew Davidson breaks down the latest news in the financial services industry. He also discusses Amex’s new Graphite Business Cash Unlimited Card, Upgrade’s launch of Boost Money, and UBS‘s approval to become a national bank.
Want to discover more of Andrew’s cutting-edge insights on financial products, marketing strategies, and industry innovations? Follow him on LinkedIn, or listen to him as the host of Mintel’s Little Conversation podcast.
Here are the 5 things you need to know:
1. Revolut’s Slick New ATMs
While visiting Barcelona recently, this little beauty caught my eye.👉
It’s a slick new Revolut ATM and one of the digital bank’s first after it launched a pilot for a physical presence in Barcelona and Madrid in 2025 with plans to bring a total of 200 ATMs to major cities in Spain in 2026 and expand to Germany, Portugal, Italy and beyond.
“While the way we manage money has changed radically over the past decade, ATMs have barely evolved and continue to feature clunky interfaces, hidden fees, poor FX rates, and limited functionalities” – Revolut
Revolut recently announced that it has applied for a banking license in the U.S.
💡 Revolut has wind in its sails
- Not your dad’s “hole in the wall.” The “hole in the wall” was slang for ATMs growing up in the UK, but this is a far cry from those days, with a 32-inch touch screen that will even dispense a new physical card. Revolut set out to reimagine the ATM, which has seen little innovation over the years. This takes the “branch as an advertising billboard” approach that we have seen in the U.S. and applies it to ATMs as a permanent digital advert in high-footfall areas. Genius!
- From Spain to the U.S.? Spain is one of the most cash-reliant economies in Europe, with cash representing 60% of POS payments, which is why it was selected for the pilot. It also has more than 5 million Revolut customers and MILLIONS of tourists from across the world who need access to euros. While cards dominate in the U.S., Mintel data shows that 44% of Americans include cash among their top three payment methods. With 70 million Revolut customers globally who could benefit from Revolut’s FX while visiting America and a need to build a brand presence if it wants to establish a foothold as a bank, I could see Revolut ATMs in NY, LA, and other major cities. Revolut has set its sights on the U.S., and after finally being approved as a bank in the UK, it has wind in its sails
Source: Revolut, Mintel Reports, Black Consumers: Payment Preferences – US – 2025
2. Amex Uses a Teaser Campaign to Set Expectations for a New Business Card
Amex launched a teaser campaign on LinkedIn and Instagram a few days ahead of the launch of its new Graphite Business Cash Unlimited Card.
The dark, minimalist 15‑second video showed a new Amex business card labeled “under construction.” The card appeared in an unfinished, industrial form emerging from rock and was revealed through slow camera movement and controlled lighting.
There was no target customer, no product details, and no call to action. The name was also unknown, but Amex recently trademarked “Graphite,” and speculation quickly followed.
The caption read: “Coming soon: a new Business Card built to be strong, adaptable, and ready for what’s next.”
Notably absent were references to rewards, travel, lounges, or premium lifestyle benefits typically associated with Amex.
Source: Instagram
💡Generating buzz and excitement
- Value was implied, not explained. “Strong” suggested spending power, “adaptable” hinted at financing flexibility, and “ready for what’s next” acknowledged macro uncertainty facing small businesses.
- What Amex didn’t say mattered as much as what it did. By avoiding features and benefits, the brand shaped expectations before the product was revealed.
- The teaser signaled something net new. The tone echoed prior Amex teaser playbooks and created space for anticipation without over‑promising details.
3. Amex Launches the Graphite Business Cash Unlimited Card
Just a few days after the teaser campaign, Amex officially launched the Graphite Business Cash Unlimited Card.
On paper, the product is straightforward: 2% cash back (5% on travel via Amex Travel), no preset spending limit, Pay Over Time, and a $295 annual fee.
Cardholders can also get up to $2,400 in statement credits for use in the next calendar year on monthly fees for American Express One AP, an accounts payable automation platform, after spending $250,000.
The card only makes sense once you look beyond features and consider who it’s built for and why Amex introduced it now.
Source: Instagram
💡Three Takeaways
- Graphite is designed for “velocity SMBs.” These are businesses moving $250K+ annually through cards, often across fragmented vendors, services, and operational spend. Compared to Chase Ink Preferred ($195), Graphite stands out with no preset spending limit. Compared to Capital One Spark Cash Plus ($150), it stands out with Pay Over Time. Amex is betting that combining spending elasticity with cash‑flow optionality in one product is compelling enough to justify the higher annual fee.
- Graphite fills a gap in the lineup. Positioned between Blue and Business Gold, and with Plum quietly fading from view, Graphite fills a hole in the portfolio. It’s less about category maximization or credit stacking and more about making high‑volume spending simple, elastic, and uninterrupted.
- Graphite signals where competition is heating up. In 2026, Amex plans to roll out eight new products, features, and benefits, including expense management software, a Corporate Cash Back Card, ChatGPT Business statement credits for Platinum and Gold, and new AI‑powered capabilities. This comes as competition intensifies from Chase and Capital One, especially following Capital One’s move to acquire Brex. SMB has been one of the most competitive battlegrounds in cards for years, and this feels like the next phase of that fight.
4. Upgrade Launches Boost Money
The fintech Upgrade has launched Boost Money, “designed to help consumers get access to cash when they need it most, build credit, and grow their savings.”
Boost Money bundles a Boost Money Spend checking account and a secured credit card with Boost Money Save (a high-yield savings account) in a two-tiered approach.
Free Tier
- 10.00% APY on savings balances up to $1,000 (then 3.05%)
- Fast track, near instant cash advances
- VIP customer service
- Personal identity theft protection benefits
- Purchase and travel protection benefits
Source: Instagram
💡The affordability narrative
- It’s a fintech casserole! Layer in Dave‑style cash advances. Stir in a Chime‑inspired credit builder card. Sprinkle in a T-Mobile Money‑style capped, outsize APY. Garnish with a SoFi‑like subscription fee. The result is a single product that combines the most effective consumer fintech plays of the last few years into one bundled experience.
- The 10% APY strategy. The $1K cap tells you this isn’t about attracting deposits at scale. It’s about standing out in a cluttered environment and 10% cuts through big-time. Just like T‑Mobile Money, the rate is doing the heavy lifting up front. It grabs attention, reframes how consumers see the brand, and creates immediate trust.
- Marketing for the moment. Boost Money is explicitly framed around today’s reality: affordability pressure, uneven income, and a K‑shaped economy where traditional financial products increasingly miss the mark. With 7.5 million customers already in its ecosystem, Upgrade is leaning into where the stress and opportunity already exist.
5. UBS Gets Approval to Become a National Bank
Swiss bank UBS announced recently that it has been approved by the OCC to convert from a Utah‑chartered industrial bank to a national charter.
Initially, the only visible change for customers will be the addition of the “National Association” title, or N.A., after the bank’s name. Still, the shift has big implications for UBS’s US strategy and high-net-worth banking going forward.
Watch the video announcement from Rob Karofsky, Co-President of Global Wealth Management/President Americas, and Brian Carlin, now the CEO of UBS Bank USA. 👉
💡Why it matters
- DEFENSE: Closing the competitive gap. UBS is a global wealth leader with deep roots in serving the ultra‑wealthy. In the U.S., it has historically competed on advice, investments, and lending while clients typically relied on other institutions for checking, deposits, and mortgages. Competitors like Chase, Bank of America, and Wells Fargo could own the whole relationship, with the potential to pick off wealth clients through those primary banking connections.
- OFFENSE: The wealth opportunity. There is much discussion about a K‑shaped economy, and the expansion at the top of the K is exactly the point. The number of millionaires is projected to rise, and wealth at the very top continues to grow, with the U.S. home to nearly a third of the world’s billionaires. In 2024 alone, more than 1,000 millionaires were created per day in the U.S., according to UBS’s own Global Wealth Report. UBS is positioning itself at the center of this opportunity.
