UK challenger bank Monzo has officially announced it is rolling out into the US, opening a Los Angeles office. The bank currently boasts over two million customers, with 40 thousand new joining every week.
The Monzo app and Mastercard debit card will be available to U.S. clients. They'll have access to services like instant spending notifications, person-to-person payments, and fee-free spending abroad, representing a "lite launch" rather than the full range of interest-earning accounts and overdraft offerings available in the UK.
Monzo will open its first U.S. accounts in the summer. However, the rollout will be slow, allowing people to register only at “face-to-face events” in major US cities before allowing others to sign up on a waitlist.
The bank doesn’t yet own a U.S. banking licence, so it’s partnering with an existing U.S. bank. The money will be fully FDIC-insured, and Monzo will be working on getting a banking licence in the longer term.