Monzo, the UK challenger bank with over 2 million users, expands to the US

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Monzo, the U.K. challenger bank with more than two million customers and a unicorn valuation to go with it, has formally announced its U.S. expansion.

The tentative move — which TechCrunch exclusively reported was underway five months ago — will see a U.S. Monzo app and connected Mastercard debit card made available via in-person signups at events to be held soon. The roll-out will initially consists of a few thousand cards, supported by a waitlist in preparation for a wider launch.

In a call, Monzo co-founder and CEO Tom Blomfield told me he thinks the key to cracking North America is to create a fully localised version of Monzo based on carefully listening to U.S. users in order to find market-fit. There are obvious and less obvious cultural and technical differences in the way Brits and Americans save, spend and manage their finances and this will require significant product divergence.

In other words, Monzo isn’t presuming that specific features of the U.K. offering, which is currently seeing 200,000 people sign up each month, will automatically resonate with customers across the pond. To equally succeed in the U.S., it will be about the details and in a sense the company will

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