American version of Monzo

[alexs (Alex Sherwood)]

Paul’s shared another update on Monzo’s plans here -

The FCA just approved Monzo's first move outside the UK - City AM

Hi We have been working on the Irish and US plans, with Thomas leading on both. We can passport our UK licence to Ireland, and this is a quick and relatively (!) painless process. The US is more complex and will take a lot more time, essentially we have to apply for a brand new banking licence just like we did in the UK in 2015/16. Hope this helps!

& the type of license that they’ll be applying for

The FCA just approved Monzo's first move outside the UK - City AM

Hi @alexs a de novo federal licence i.e. a brand new one to operate across the whole of the US.