British challenger Monzo has announced that it has moved out of private beta and opened the online bank for all customers across the US. 

The move allows customers in the US to download the app and apply for a Monzo account. 

The online bank will provide the customers with spending, money management and savings services. 

In a blog post, Monzo said: “Over the past 18 months we’ve onboarded thousands of new customers in the US, processed millions of dollars of transactions, and worked closely with our community to get as much feedback on our product as possible.

“You gave us amazing insight on the problems you’re facing in your financial lives, and your feedback directly led us to launch features like salary sorter. It’s now easy to divide up your paycheck in a few taps, so your spending, savings and bills are neatly separated as soon as you get paid.” 

Last year, Monzo withdrew its application for a banking licence in the US following a futile two-year engagement with the regulators. 

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By GlobalData

The online bank will offer its banking services in the US through its partnership with Sutton Bank, a member of FDIC. 

Monzo accounts are FDIC insured up to $250,000.

In December 2021, Monzo secured $500m in funding at a valuation of $4.5bn.

The funding resulted in a 200% jump in Monzo’s valuation, which had declined due to the pandemic after its losses increased to £130m in 2020.

Founded in 2015, Monzo claims to offer its services to over five million customers in the UK.