Monzo files for US banking license

The bank sent a request to the US Office of the Comptroller of the Currency

Monzo US license

Monzo files for US banking license. Source: youtube.com

LearnBonds found that UK digital bank Monzo has applied for a US banking license, thus providing a full range of services to American customers.

This way, Monzo will be able to offer fully insured deposit accounts across the country and lend money to customers, if its application is successful. What is more, its customers would be able to use a foreign exchange with lower fees and free travel money.

Earlier, Monzo began its banking app’s pilot in the US in August in partnership with Ohio-based Sutton Bank.

We’ve reported that Revolut announced its launch in the United States, allowing the customers to carry out transactions at the real exchange rate, without any hidden fees.

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