Monzo Announces U.S. Beta Update

UK-digital challenger bank Monzo announced this week an update about the U.S. Beta launch. The banking startup revealed that from August until November it ran small, in-person community events in San Francisco, NYC, Las Vegas, and LA. the company then gave 1,000 users early access to its Beta.

“We also awarded early access to a lucky few who couldn’t make it in person. Monzo Beta cards are now being used all over the country, and on your international travel, and we’ve spoken to people from states like: Alabama, Washington, Alaska, Texas and Florida, and we’re so excited to test with more of you in 2020!”

In regards to 2020 plans, Monzo added:

“We’re focussing on building Monzo for you, so we’re relying on you to tell us what’s most important. Many of you have told us you need a way to divide up your money within your main account, like you have seen on UK Monzo. We hear you loud and clear! Watch out for an exciting update for Monzo Beta in Jan 2020. Being able to build what you want next is our key focus, so we’ll be sharing a 2020 product roadmap with you in January. You’ll be able to comment and vote on what we should do next, and see what we’re already planning. Monzo won’t be Monzo without you, and this roadmap will put your feedback right at the heart of what we do next.”

Meanwhile, Monzo is reportedly in discussion with investors about raising up  £100 million in funding. As previously reported, Monzo’s decision to consider raising more capital has come after the company secured £113 million in new equity funding from several venture capitalists earlier in 2019 as part of a transaction that valued the digital bank at over £2 billion (approximately $2.6 billion). Monzo claims it now has around 3.5 million clients and 1,500 staff members on its payroll.

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