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Monzo joins forces with Plaid to open access for US customers

A year after entering the US, Monzo is rolling out a full integration with the data network.

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Monzo customers in the US will now be able to connect their accounts to more than 8000 fintech apps through Plaid’s network.

With the integration, customers can link their Monzo accounts to big US finance apps like Venmo and Robinhood.

The digital bank entered the US last February after abandoning its attempt to secure a bank licence in 2021.

While it operates as a regulated bank in the UK, it partnered with Sutton Bank in Ohio to provide its US accounts, which holds users’ deposits and protects their money. 

With the Plaid integration, Monzo customers will be able to securely view and transfer funds from their Monzo accounts to other financial institutions from within the app, as well as access a wide range of fintechs on Plaid’s network.

 “Monzo customers now have the ability to connect their accounts to hundreds of popular financial apps and services,” Monzo head of engineering, US Nathan Woo said.

“This partnership is a major step forward in our mission to give our customers greater control over their finances.”

Monzo has integrated with Plaid through the data network’s ‘core exchange’ platform, which allows institutions to plug into the network through secure API connectivity.

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