British challenger bank Monzo has formally announced its expansion to the US.
The initial launch will comprise a limited rollout of its app-based checking account and a few thousand debit cards. The cards will be made available through in-person sign ups at events across multiple US cities.
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The company also added that interested potential customers can join an online waiting list for the wider launch in the future.
With the initial rollout, Monzo US aims to engage an early-user base and procure their feedback.
The local feedback will enable the lender to make necessary modifications and make the app suitable for the US customer requirements.
Monzo US app will also be different from its UK version in design and features, based on early user feedback.
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By GlobalDataIn the US, it aims to provide a fully-featured digital account services accessible from a smartphone.
The US service will have no minimum balance requirements, monthly fees or foreign transaction fees, reported Reuters.
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.”
Valued at more than $1bn, Monzo reached the two million customer mark last month. It reached the milestone in just more than two years after receiving its banking licence.
It is said to add 200,000 users per month and has more than $793m in deposits from customers.
