Fintech bank unicorn Monzo has more than a million customers and plans for many more because according to a report from TechCrunch, the startup is working on a U.S. launch.
Sources tell the outlet that Monzo has employees working on clearing a path for a “lite” version of the Monzo product to be powered by a U.S. banking partner while the company prepares to acquire regulatory licenses to bring operations in-house.
A person familiar with the company’s strategy tells TechCrunch that the challenger bank intends to grow a U.S. customer base and adapt its product for the U.S. market as Monzo applies to become a federal charter bank.
The initial launch will likely include “in-app signup, the trademark “hot coral” Monzo debit card, an account and routing number, the ability to make and accept payments, ATM withdrawals, and real-time transaction notifications,” says TechCrunch.
The initial launch will likely include “in-app signup, the trademark “hot coral” Monzo debit card, an account and routing number, the ability to make and accept payments, ATM withdrawals, and real-time transaction notifications,” says TechCrunch.
In response to inquiries from the outlet, a Monzo spokesperson stated the following:
“We’re really excited about international expansion over the coming months and years. After all, it’s hard to build a bank for a billion people in the UK alone! However, we don’t have anything specific to share at this stage about those plans. When we do, we’ll be sure to tell the world.”
TechCrunch notes that this move was anticipated given that Monzo co-founder and CEO Tom Blomfield has made no secret of his ambition for a U.S. expansion. The startup also boasts a number of U.S. investors.
Their recently opened Las Vegas office was established under the auspices of customer support for U.K. customers, but as TechCrunch observes, it appears Monzo customers might not be a hop across the pond after all.
