Monzo applied for US banking licence

Friday 24 April 2020 12:09 CET | News

UK-based challenger bank Monzo has applied for a US banking licence so it can offer a full suite of services in US financial market.

It could take Monzo between 18 months and two years to have their application approved. The process, run by the US Office of the Comptroller of the Currency, is more stringent than other countries’ such as the UK. Therefore, becoming a fully licensed bank would let Monzo provide a variety of lending products and fully insured deposit accounts.

Monzo has four million customers in the UK but has recently set its sights on a US expansion. According to The Telegraph, the fintech plans to open a San Francisco office. It already has offices in Los Angeles.

Monzo has operated as a fully licensed bank in the UK for three years. 

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Keywords: Monzo, US, banking licence, UK, challenger bank, Office of the Comptroller of the Currency
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech