{"id":122770,"date":"2019-06-13T22:50:50","date_gmt":"2019-06-13T22:50:50","guid":{"rendered":"https:\/\/www.bnreport.com\/monzo-bounds-ahead-of-rivals-with-us-launch\/"},"modified":"2019-06-13T22:50:50","modified_gmt":"2019-06-13T22:50:50","slug":"monzo-bounds-ahead-of-rivals-with-us-launch","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/","title":{"rendered":"Monzo bounds ahead of rivals with US launch"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/wp-content\/uploads\/2019\/06\/Tom_Blomfield_Monzo_CEO_Cofounder3-960x640.jpg\" \/><\/p>\n<p>Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land in the coveted territory.<\/p>\n<p>The bank will launch with its full banking app and debit card, complete with a routing number and FDIC insurance up to $250,000, courtesy of a licensing partnership with Sutton Bank in Ohio.<\/p>\n<p>Monzo chief Tom Blomfield told <em>City A.M.<\/em> the startup is in the process of applying for its own national bank charter in the US, which when approved will allow Monzo to operate on its own across all 50 states.<\/p>\n<p><strong>Read more:<\/strong><a href=\"https:\/\/www.cityam.com\/monzo-hits-new-milestone-fintech-race-heats-up\/\" rel=\"noreferrer noopener\" target=\"_blank\">Monzo hits 2m users as fintech race heats up<\/a><\/p>\n<p>The accounts will also be fee-free. While Monzo will be unable to generate any revenue from the accounts themselves due to the partnership, the higher US interchange rate \u2013 a small charge levied on every transaction \u2013 will mean the bank may make a higher profit in the states than in the UK.<\/p>\n<p>The startup is currently loss-making, having reported a loss of \u00a333m last summer. The bank <a href=\"https:\/\/www.cityam.com\/fintech-star-monzo-joins-unicorn-ranks-85m-funding-round\/\" rel=\"noreferrer noopener\" target=\"_blank\">recently took in \u00a385m<\/a> from the likes of General Catalyst and Accel in October and a <a href=\"https:\/\/www.cityam.com\/monzo-confirms-record-breaking-uk-fintech-crowdfunding\/\" rel=\"noreferrer noopener\" target=\"_blank\">further \u00a320m in crowdfunding<\/a> in December, and is reportedly working on an additional \u00a3100m raise.<\/p>\n<p>\u201cYou can put your full salary in from day one,\u201d said Blomfield in an interview earlier this week. \u201cWere not starting from scratch but we want to take a handful of months before scaling out.\u201d<\/p>\n<p>The first few thousand cards will be available via in-person sign ups at events, after which the cards will start to be mailed out.<\/p>\n<p>Blomfield hopes Monzo will grow much in the same way as it did in the UK: via word of mouth, with no paid advertising.<\/p>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.cityam.com\/monzo-roll-out-business-bank-accounts-revenue-shake-up\/\" rel=\"noreferrer noopener\" target=\"_blank\">Monzo to launch business accounts in revenue shake-up<\/a><\/p>\n<p>There are several other native competitors already doing well in the US, including fellow unicorn Chime which has around 3m users.<\/p>\n<p>Monzos UK rivals have been vying to reach the US for some time, including Revolut which promised to launch in America in the first three months of 2018. The startup has yet to open accounts stateside, while German fintech N26 said today its US launch is a \u201cmatter of weeks\u201d away.<\/p>\n<p>\u201cIf you look at N26 and Revolut, theyve expanded across 20+ countries each, and you end up with just a more generic product as you cant tailor it to 20 different markets,\u201d said Blomfield.<\/p>\n<p>\u201cThose companies have had issues.\u201d<\/p>\n<p>\u201cI think weve retained that focus with the US. Were not going to launch in 20 markets, were going to launch in one and were going to really understand the customer there and tailor the product experience and the customer service to meet the needs of consumers in the US.\u201d<\/p>\n<p><a href=\"https:\/\/www.cityam.com\/monzo-bounds-ahead-of-rivals-with-us-launch\/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=monzo-bounds-ahead-of-rivals-with-us-launch\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/loopup.com\/app\/uploads\/2016\/08\/cityam-logo.jpeg\" \/><\/p>\n<h5><a href=\"http:\/\/www.cityam.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">CityAM<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land i..<\/p>\n","protected":false},"author":1,"featured_media":122771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-122770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monzo bounds ahead of rivals with US launch - Business News Report<\/title>\n<meta name=\"description\" content=\"Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land i..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monzo bounds ahead of rivals with US launch - Business News Report\" \/>\n<meta property=\"og:description\" content=\"Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land i..\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/\" \/>\n<meta property=\"og:site_name\" content=\"Business News Report\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-13T22:50:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/06\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"360\" \/>\n\t<meta property=\"og:image:height\" content=\"160\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"infopal11\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@BNReport\" \/>\n<meta name=\"twitter:site\" content=\"@BNReport\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"infopal11\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/\"},\"author\":{\"name\":\"infopal11\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/person\\\/19d1c5a2dd7f60584a09de4a7805d68f\"},\"headline\":\"Monzo bounds ahead of rivals with US launch\",\"datePublished\":\"2019-06-13T22:50:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/\"},\"wordCount\":468,\"publisher\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/\",\"name\":\"Monzo bounds ahead of rivals with US launch - Business News Report\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg\",\"datePublished\":\"2019-06-13T22:50:50+00:00\",\"description\":\"Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land i..\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg\",\"contentUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg\",\"width\":360,\"height\":160},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/monzo-bounds-ahead-of-rivals-with-us-launch\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629\",\"item\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Monzo bounds ahead of rivals with US launch\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\",\"name\":\"Business News Report\",\"description\":\"Latest News on the World of Politics &amp; Business\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\",\"name\":\"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/LOGO2.png\",\"contentUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/LOGO2.png\",\"width\":200,\"height\":50,\"caption\":\"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/Business-NewsReport-328225811095934\\\/\",\"https:\\\/\\\/x.com\\\/BNReport\",\"https:\\\/\\\/www.instagram.com\\\/business.newsreport\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/person\\\/19d1c5a2dd7f60584a09de4a7805d68f\",\"name\":\"infopal11\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/author\\\/infopal11\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Monzo bounds ahead of rivals with US launch - Business News Report","description":"Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land i..","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/","og_locale":"en_US","og_type":"article","og_title":"Monzo bounds ahead of rivals with US launch - Business News Report","og_description":"Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land i..","og_url":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/","og_site_name":"Business News Report","article_publisher":"https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/","article_published_time":"2019-06-13T22:50:50+00:00","og_image":[{"width":360,"height":160,"url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/06\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg","type":"image\/jpeg"}],"author":"infopal11","twitter_card":"summary_large_image","twitter_creator":"@BNReport","twitter_site":"@BNReport","twitter_misc":{"Written by":"infopal11","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/#article","isPartOf":{"@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/"},"author":{"name":"infopal11","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/person\/19d1c5a2dd7f60584a09de4a7805d68f"},"headline":"Monzo bounds ahead of rivals with US launch","datePublished":"2019-06-13T22:50:50+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/"},"wordCount":468,"publisher":{"@id":"https:\/\/www.bnreport.com\/en\/#organization"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/06\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg","articleSection":["Business"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/","url":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/","name":"Monzo bounds ahead of rivals with US launch - Business News Report","isPartOf":{"@id":"https:\/\/www.bnreport.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/#primaryimage"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/06\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg","datePublished":"2019-06-13T22:50:50+00:00","description":"Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land i..","breadcrumb":{"@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/#primaryimage","url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/06\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg","contentUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/06\/Tom_Blomfield_Monzo_CEO_Cofounder3-360x160.jpg","width":360,"height":160},{"@type":"BreadcrumbList","@id":"https:\/\/www.bnreport.com\/en\/monzo-bounds-ahead-of-rivals-with-us-launch\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629","item":"https:\/\/www.bnreport.com\/en\/"},{"@type":"ListItem","position":2,"name":"Monzo bounds ahead of rivals with US launch"}]},{"@type":"WebSite","@id":"https:\/\/www.bnreport.com\/en\/#website","url":"https:\/\/www.bnreport.com\/en\/","name":"Business News Report","description":"Latest News on the World of Politics &amp; Business","publisher":{"@id":"https:\/\/www.bnreport.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bnreport.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bnreport.com\/en\/#organization","name":"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a","url":"https:\/\/www.bnreport.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2020\/12\/LOGO2.png","contentUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2020\/12\/LOGO2.png","width":200,"height":50,"caption":"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/","https:\/\/x.com\/BNReport","https:\/\/www.instagram.com\/business.newsreport"]},{"@type":"Person","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/person\/19d1c5a2dd7f60584a09de4a7805d68f","name":"infopal11","url":"https:\/\/www.bnreport.com\/en\/author\/infopal11\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/122770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/comments?post=122770"}],"version-history":[{"count":0,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/122770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/media\/122771"}],"wp:attachment":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/media?parent=122770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/categories?post=122770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/tags?post=122770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}