Monzo, a U.K.-based challenger bank, announced plans to enter the U.S. market this summer, by initially offering a Mastercard debit account and a mobile app, which will eventually evolve into a licensed bank with an FDIC-insured partner, according to a blogpost.
The mobile app will allow users to get some of the same features they get in the U.K., including P2P payments, splitting off savings from spending money and putting it aside, full-time customer service, spending notifications and the ability to spend money abroad without fees.
The bank has started a waitlist and will host in-person meetings with customers to determine whether its meeting their needs.
Monzo, which has more than 2 million customers in the U.K., plans to open up an office in Los Angeles as it works on becoming a full licensed U.S. bank. A source familiar with the agreement said Ohio-based Sutton Bank will be the U.S. banking partner, that will provide FDIC backing.