Monzo hopes to crack a tough market where customers favour traditional lenders. They will not be alone! N26, the German online-only bank that has already launched in 21 other EU countries, is preparing for its US debut in the coming weeks, while Israel’s Pepper hopes to launch in the US in mid 2020.
Forward-looking: Monzo, the UK’s digital-only bank that already boasts over 2 million customers since launching in 2015, is making its way to the US in the “next few months.” Monzo says it’s the UK’s fastest growing bank, with 40,000 people opening an account every week. The company has no physical locations, so everything takes place using the Android or iOS app. It offers benefits including instant spending notifications, no fees when spending cash abroad, person-to-person payments using a phone, and "pots" for splitting savings from spending money. As it did when it launched in the UK, Monzo will be offering its debit card and mobile app to US users at in-person events in major cities, “a few hundred people at a time.”