Monzo plans to enter US
Updated: May 19, 2019
UK app-only bank Monzo is looking to expand into the United Stated, its chief executive Tom Blomfield said on Friday to CNBC:
"Monzo is in the very, very early stages of discussions with US regulators. I think there's a huge market opportunity there, because there haven't really been any new banks in the last 10 years or so" - he said.
Mr Blomfield said that he believes the cultural similarities that the US has with Britain makes it an attractive market.
“They speak the same language; they're broadly culturally similar, compared to other geographies around the world.”
Monzo has signed up more than 450,000 users since it was founded in 2015 and says it is increasing that total by more than 5 per cent each week. However, worth to mention that Monzo is not the only player in UK who plans such a move. Revolut already have over 4 000 000 customers and is available in Europe and Asia, US seems like a next place. Als, PayPal backed Monese, seems to grow fast, not mention StarlingBank or TandemBank. Monzo is really popular in UK, however needs to work harder to became worldwide provider.