UK challenger bank Monzo to expand into the US

UK challenger bank Monzo has officially announced it is rolling out into the US, opening a Los Angeles office. The bank currently boasts over two million customers, with 40 thousand new joining every week.

The Monzo app and Mastercard debit card will be available to U.S. clients. They'll have access to services like instant spending notifications, person-to-person payments, and fee-free spending abroad, representing a "lite launch" rather than the full range of interest-earning accounts and overdraft offerings available in the UK.

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