Monzo plans to launch in the U.S. Yahoo Finance reported. It will be the first time the app-only bank has ventured outside of the UK. It could potentially be a challenger to the forthcoming Apple Card as it offers some similar facilities.
“We’ve just crossed 2m customers, our TV ad is going great, we should have a quarter of a million new customers this month, and we’re contribution margin positive here in the UK, so it feels like the UK business is on track to be really successful,” Tom Blomfield, the CEO and founder of Monzo told Yahoo Finance UK. “Now feels like the right time to start thinking about our next market.” Blomfield said sign-up events will be held in LA, San Fransisco, New York, and other major US cities before rolling out online applications.
Check It Out: App Only Bank Monzo to Launch in U.S.