For the millions in the UK that rely on digital-only banking, it is hard to believe that the US still uses written cheques to carry out financial transactions.
But now, an upstart group of British fintech firms is crossing the ocean to bring US banking into the digital era – and they believe the rewards could be huge.
Monzo, the challenger bank known for its coral-coloured cards, officially confirmed its US launch on Thursday. The banking app, used by more than 2m customers in the UK, will set up shop in Los Angeles as it targets US consumers.
For optimists, the launch of Monzo in the world’s most competitive start-up market will be seen as a sign of Britain’s edge in consumer financial technology…
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