UK Challenger Bank Monzo applies for US Banking Charter

Monzo is a UK online bank which launched in 2015 and has over 4 million customers in the UK.

Monzo Bank has applied to the Office of the Comptroller of the Currency (the OCC) for a national banking charter. The OCC is the US’s federal-level banking regulator.

Monzo launched in the US in 2019 with a slimlined product set by a partnering with a fully licenced US bank (Sutton Bank).

By having its own banking licence, Monzo would be able to operate independently in the US and expand the product set it offers to US customers.

The licencing process for Monzo in the US is expected to take up to two years.

Monzo’s US headquarters are expected to be in San Francisco. Monzo’s current US operations are based in Los Angeles.

Categorized as US