After an 18-month beta launch with a waiting list in the U.S., the U.K. challenger bank Monzo is now ready to open the app-based accounts and onboard eligible customers in 10 minutes, according to a blog post on Tuesday (Feb. 1).
During the beta launch, Monzo signed thousands of U.S. customers and processed millions of dollars of transactions. Working closely with the community, the bank received actionable feedback and insight.
“You gave us amazing insight on the problems you’re facing in your financial lives, and your feedback directly led us to launch features like salary sorter. It’s now easy to divide up your paycheck in a few taps, so your spending, savings and bills are neatly separated as soon as you get paid,” U.S. Product Manager Thomas George said in the blog post.
Monzo has yet to get a U.S. banking license. For now, deposits are held by FDIC member Sutton Bank.
Monzo dropped its bid for a license amid still-unresolved issues with U.S. regulatory authorities. The FinTech is also being probed by the U.K. Financial Conduct Authority over compliance issues with money laundering regulations.
Monzo has more than 5 million customers in the U.K. and envisions helping the underbanked worldwide gain access to vital banking services. Monzo aims to foster financial inclusion and support customers in vulnerable circumstances.
“We believe that our values of openness, empathy and inclusion will help us achieve our mission of making money work for everyone,” George said.
Monzo strives to help people organize their finances using pots, budgeting and expense tracking. Users can also set up and keep track of scheduled payments like utility bills, gym membership and subscriptions.