You might not have heard of Monzo in the US, but there’s a good chance your British friends have when the digital bank has racked up over 2 million customers in its short history. And now, it’s coming to the US… in a manner of speaking.
Monzo has unveiled plans to roll out service to the US in the “next few months,” including the mobile app and a Mastercard debit card. It’ll build the audience slowly by connecting with hundreds of people at a time at events before it conducts a wider-scale launch. However, don’t expect it to function as a bank at first. It’ll be closer to a money transfer service akin to Venmo or Apple Pay Cash.
The initial version will allow person-to-person payments, “pots” to split savings from spending money, and no-fee international spending. Monzo intends to become a fully licensed US bank with the help of a partner bank, but that’s a “long process” — it would rather start offering some kind of service in the US and learn from that in the meantime.