Monzo has been in closed beta for the past 18 months, during which time it has onboarded thousands of new US customers, processed millions of dollars of transactions, and gathered user feedback.
The company has launched new features inspired by this feedback, one of which is a salary sorter. This tool that helps users divide their paycheck, separating their spending, savings, and bills once their paycheck is received.
While Monzo is a fully licensed bank in the UK, the startup is partnering with Sutton Bank to provide its US accounts. Sutton will hold user deposits and provide protection with FDIC insurance.
Monzo was founded in 2015 and seeks to be a hub for users to manage their entire financial lives via its mobile app. In addition to financial management and budgeting, Monzo also offers a Mastercard debit card with no overdraft fees, no minimum balance, and no foreign exchange fees.
In 2021, Monzo has withdrawn its application for a US banking licence after it was told by regulators it was unlikely to be approved.
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