Tom Blomfield, CEO, Monzo

British digital-only bank Monzo has announced the launch of their operations in the US. According to the supplier, Monzo will launch its new financial app in the US market and work with US users who want to revolutionize personal finance through a community approach that includes customer support, transparency, fairness, lack of fees and an all-around customer-centric approach.

The company, currently valued at over $1 billion, has more than two million users in the UK and is adding 200k each month. The company plans on working with users for better inputs on their product. As a result, Monzo’s US app will be different from the UK version as its design and features will rely heavily on US-specific user feedback. Based on this, Monzo will develop the US version into a fully-featured digital account that can be accessed from a smartphone and will have the ability to extend into new Monzo and third-party financial services.

Monzo CEO Tom Blomfield said, “We do the heavy lifting of traditional banking by acting as a powerful financial control hub for all your personal finances. And perhaps more importantly, we bring the speed and agility of a startup to build a solution that best serves our Monzo community.”

Founded in the UK in early 2015, Monzo’s mission is to make money work for everyone. By focusing on solving people’s actual problems, rather than selling financial products, they want to put people back in control of their finances. Current and previous investors include Passion Capital, Thrive Capital, Goodwater Capital, Accel, and General Catalyst.

Recently, UK challenger bank Monzo has partnered with fintech startup Flux to bring digitised receipts and rewards to the Monzo app when customers make purchases at selected food chains.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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