Monzo hopes to crack a tough market where customers favour traditional lenders. They will not be alone! N26, the German online-only bank that has already launched in 21 other EU countries, is preparing for its US debut in the coming weeks, while Israel’s Pepper hopes to launch in the US in mid 2020.
The US push marks the first international foray for Monzo, which is known for its coral pink debit cards and has more than 2m users in the UK. The expansion comes as Europe’s fintechs are stepping up their efforts to break into overseas markets, including Revolut’s announcement on Thursday that it was pushing into Australia ahead of its planned move into the US.