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Monzo aims for US expansion due to similarities in markets, says CEO

Monzo CEO, Tom Blomfield

Monzo is looking into launching its US expansion, according to its CEO Tom Blomfield in an interview with CNBC.

According to the fintech founder, discussions are only at a “very, very early stage” with American 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. “So I think there is a big opportunity to use modern technology to launch a real consumer facing bank that does the kinds of things consumers expect from a smartphone.”

Read more: Monzo brings back debit top-up feature, despite costs

Blomfield stated that cultural similarities with the UK would make the US market ideal for Monzo’s expansion. “They speak the same language; they’re broadly culturally similar, compared to other geographies around the world.”

Monzo currently claim to ha a 5% growth week-on-week in terms of users, which reach narly half a million by now. It received a chunky investment of £71 million back in November, more than doubling its valuation to £280 million.

Related: Monzo to shut down prepaid card service as it commits to current accounts

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