Not sure how fintechs make it so much easier to open an account, you’ve always just needed ID and proof of address, not hard at all.
As for random account freezes, etc, you may say all you want that it’s like that in all of Europe due to the rules, but it is definitely not. It seems exclusive to the UK and central Europe, probably due to protestant/Catholic cultures and associated differences in privacy concepts and expectations
As an example here in Portugal a bank can only freeze your account if it has strong suspicion and strong suspicion means they have to report it to the relevant authorities. If its not suspicious enough to be reported, then they can’t freeze you. Even then if you have less than a 50k balance they’ll just report it without taking any action and leave it to the relevant authorities. I’ve never seen any report of any legal action arising after Revolut account closures
Sorry if I’m ranting a bit, but Revolut is just a disgrace when it comes to treating their users. I haven’t seen other fintechs having to severely restrict their community forum, including deleting posts and restriction new users from opening threads or posting without their post first being “moderated”. It probably has to do with the degree to which they randomly freeze and close accounts and the disgruntled users that come out of that