Challenger bank Monzo expands to US

Friday 14 June 2019 10:54 CET | News

With over 1.9 million customers in the UK, the growing banking unicorn Monzo has announced plans to launch in the US.

The company will start with a limited release of debit cards and an app with person-to-person (P2P) payments, and is kicking off with events in major US cities. Aside from existing offices in London, Cardiff, and Las Vegas, Monzo plans to open up new locations in Los Angeles while adding some 70 to 80 employees over the next 12 months. Even if the bank doesn’t have physical branches, it plans to acquire a banking charter in the US.

In the UK, the bank adds about 200,000 customers per month, and it has raised GBP 85 million in its most recent round of funding. That puts its valuation north of GBP 1 billion, with investors including Accel, Thrive Capital, and General Catalyst. Still, according to Forbes, Monzo may be raising more funding from a US investor that could value the fintech at about GBP 2 billion.

To learn more about the bank, check out our recent interview with Monzo.

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Keywords: Monzo, challenger bank, US, mobile bank, P2P, banking, fintech, UK, innovation
Countries: World