LONDON (Reuters) – Fast-growing Uk digital bank Monzo, is set to announce on Thursday that the soon-to-be’s launch in the United States, a source familiar with the matter told Reuters.
The bank did not immediately respond to a request for comment.
Since its launch in the year 2015, Monzo has already been signed by more than 2 million customers in the Uk, attracted by the signature of the coral pink card, and the promise of a slicker customer service than the traditional banks.
Monzo is one of a series of so-called neobanks that have been launched in the Uk in the last few years, joining a global trend of digital-only banks, which are afraid of the traditional branch network.
The new institution, in view of the rapid’s success in winning customers from all of the six key well-established banks, such as Lloyds and RBS that will dominate the market, even though a lot of customers have yet to switch from their monthly pay cheque to meet Monzo.
For the price, if Monzo is successful in the United States’ $7 trillion to the financial sector, the potential is huge, but banking experts say it will be a difficult task.
“The case of the united kingdom and fintechs will have to fly out of the nest, is a sharp contrast to the complexities of the federal – and state-level laws, in comparison with that of the uk fintech-friendly regulatory environment,” said Richard Lumb, group chief executive for financial services at consulting firm Accenture.
Reporting by Lawrence White and Iain Withers; editing by Sinead Cruise and Mark Potter