NEW YORK/LONDON - Fast-growing British digital bank Monzo is launching in the United States through a limited rollout of its app-based checking account and connected debit card, it said on Thursday.Monzo will make available a few thousand cards at in-person sign-up events over the next weeks in cities including Los Angeles, San Francisco and New York, as it seeks to replicate the word-of-mouth support that boosted its UK launch, it said.
“We are taking it slow to start with,” Blomfield said. “We want to understand how U.S. consumers think and feel about their money.” Monzo, which was founded in 2015 and is valued at more than 1 billion pounds , is one of Europe’s best-known “neobanks” that have launched in recent years to compete with established banks by offering more user-friendly digital services.
The bank has seen rapid success in winning customers from the six large incumbent banks in Britain such as Lloyds and RBS, although many customers have yet to switch their monthly pay checks to Monzo.In the United States, it will face competition from incumbent banks and their digital offshoots, as well as banking startups such as Chime and Varo Money, and other financial technology companies that have recently launched checking accounts.
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