Monzo, the UK-based bank with more than a million customer has entered in the US. Many sources said that fintech startup has a team to work on ground level in Monzo in North America. This team has powered by the US banking partner and Monzo works on the regulatory licenses.
There will be a change in the plan if Monzo to create a lighter version of products for the US customers. The launched in the UK with pre-paid debit card along with full benefits of a bank account.
According to sources, this is the company’s strategy that it will enable Monzo to develop a huge customer base. The company is trying to repeat strategy in the US market in challenger bank’s application.
The plan of the company was in-app signup and allowing having a debit card for making payments. Many of the features offered with the debit card and account, which Monzo has commended with UK customers.
While the Monzo has started with executing its plan for expansion, which can be faster than it,’s previous plans. The Co-founder and CEO of the Monzo, Tom Blomfield said that his ambition to take team Monzo to the US. The company along with customers such as Thrive Capital, Stripe, Goodwater Capital, Michael Moritz, and Kevin Systrom.
The fintech company recently started an office in Las Vegas from which it offers customer support for UK customers. This is an important party line, which will, appears that Las Vegas could avail the Monzo customers closer to home.