British fintech start-up Monzo has selected Los Angeles as its initial U.S. base, and is looking to expand to other cities.
Monzo says it will initially offer a "few thousand cards" to American customers at launch events in Los Angeles.It will find itself up against American financial titans from J.P. Morgan to Bank of America.British fintech start-up Monzo has launched in the United States, as it looks to challenge the country's established banking giants.
Monzo is one of several so-called challenger banks that operate with only an ATM card and an app. These are new digital banks that are looking to take a slice of the massive financial services sector. To help with the U.S. launch, Monzo partnered with domestic lender Sutton Bank. It has selected LA as its initial U.S. base, and is looking to expand to other cities.
"With Monzo, we aim to make money work for everyone by working with our community of users to build things that work for them."
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