Challenger bank Monzo has quietly begun working on a US launch

Monzo, the unicorn UK challenger bank, has secretly begun work on expanding into the US. 

Growing at a strong rate in the UK, with more than a million customers and a second round of funding of £20million completed in December 2018, the fintech company has now set its sights on North America and is potentially planning to launch a "lite" version, where customers can use a pre-paid dedit card. This would be a similar strategy to the one Monzo used when in launched in the UK in 2015.

Although Monzo will need to partner with a US bank whilst it works towards the necessary regulatory licenses to operate without a partner, this could see its customer base grow rapidly as it strives to expand globally and reach a billion customers. 

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