Monzo, one of Europe's hottest neobank startups, wins 200,000 customers a month without marketing. Now it's coming for the US.
This story requires our BI Prime membership. To read the full article,Fast-growing challenger bank Monzo has 3.8 million customers in the UK and wants to scale into the US soon.
As a newcomer, Monzo remains comparatively small compared to the UK's roster of high street banks, namely RBS, Barclays, HSBC, and Lloyds. But its strength is the fierce loyalty of its customers, and Monzo boasted the highest net promoter score of any UK bank in 2018 with +80. The average UK banking scorein 2017.
Blomfield is keen ensure a receptive regulatory environment before rushing into the US market. He points to the recent decision of the FDIC to give San Francisco fintech approval for deposit insurance as a positive sign for other disruptors."We are very ambitious," Blomfield added. "We want to create a sustainable business that improves peoples' lives."The startup lost £47.
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