UK challenger bank giant Monzo has moved out of its closed beta and opened to all customers in the US.
Over the past 18 months it claims to have onboarded thousands of customers in the country and processed millions of dollars’ worth of transactions.
It also stated that feedback from customers have helped Monzo release new features, including the salary sorter, which helps users easily divide paychecks so spending and bills are separated.
The digital bank had a rocky start to its move into the US. It first launched in the country in 2019 with a light version of its platform. This included a smaller selection of its tools, but those included were p2p payments, instant spending notifications, pacycheck splitting and fee-free international spending.
When the pandemic struck in 2020, Monzo went through a rough time, including a down round. A consequence of this time was that Monzo was forced to shut a Las Vegas office and lose its team of 165.
Since those early months of the pandemic, the company has regrown. Monzo finished 2021 off with a $500m investment, which brought its valuation to $4.3bn.
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