Monzo to launch in the US

By Daniel Lanyon on 13th June 2019

Challenger Banks

The digital bank has grown quickly in the UK but has made no secret of its plans to expand abroad.

Monzo to launch in the US
Image source: Photo by Arthur Brognoli from Pexels

UK digital bank Monzo is launching in the US, according to reports from Reuters.

The firm hit 2 million current account customers, last month, just two years since getting a banking license, and just eight months after it hit 1 million accounts.

The digital bank is seeing 35,000 new people in the UK sign up each week, making Monzo the fastest-growing bank in the UK.

As exclusively reported by AltFi earlier this week, Monzo is seeing more growth coming from outside its traditional geographic customer base of London residents.

A spokesman for Monzo told AltFi that more than two-thirds of its last million customer sign-ups, which occurred within just eight months, came from outside of London.

Monzo says its average customer has 19 other friends on Monzo with much of Monzo’s growth has come through word of mouth and referrals, with customers inviting their friends to sign up.

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