British challenger bank Monzo enters US market
British challenger bank Monzo has begun an initial rollout of its app-based service to US customers.
The move, long-hinted at by the company, will allow the first wave of American to begin using its app and card.
Founded in the UK in early 2015, the firm is a leading digital bank brand valued at over $1bn, and named one of BusinessCloud’s 101 FinTech Disrupters.
Current and previous investors include Passion Capital, Thrive Capital, Goodwater Capital, Accel, and General Catalyst.
The FinTech firm has announced that its first round of American customers will be acquired through in-person sign-up events and a ‘waitlist’ for those unable to attend.
Monzo’s UK success has seen it acquire two million users in the UK, adding an additional 200,000 each month.
The company said is aiming to build similar momentum in the US by fostering a ‘grassroots movement’. It has said it plans to create an app entirely different from its existing UK version, guided by US-specific user feedback.
Monzo CEO Tom Blomfield said: “When it comes to consumer apps, banks are at least a decade behind the ease and feature-set of a Lyft or an Airbnb, not to mention sloth-like and unimaginative when compared to the innovation cycle in the apps we use every day. With Monzo, we aim to make money work for everyone by working with our community of users to build things that work for them.”
“We do the heavy lifting of traditional banking by acting as a powerful financial control hub for all your personal finances.
“And perhaps more importantly, we bring the speed and agility of a startup to build a solution that best serves our Monzo community.”