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Monzo's app-only banking is coming to the US
You might not have heard of Monzo in the US, but there's a good chance your British friends have when the digital bank has racked up over 2 million customers in its short history. And now, it's coming to the US... in a manner of speaking. Monzo has unveiled plans to roll out service to the US in the "next few months," including the mobile app and a Mastercard debit card. It'll build the audience slowly by connecting with hundreds of people at a time at events before it conducts a wider-scale launch. However, don't expect it to function as a bank at first. It'll be closer to a money transfer service akin to Venmo or Apple Pay Cash.
Facebook Messenger's money transfer tool is heading to the UK
Back in 2015, Facebook introduced the ability to send money to friends through Messenger and now it has brought that capability to UK users. It's the first time Facebook has launched the feature outside of the US.
Digital bank Monzo now supports Android Pay
Monzo, the British "bank" with a coral-coloured card and a clever savings app, has added support for Android Pay. It's only available for users with current accounts, however. Monzo started with a simple pre-paid card, forcing customers to transfer money from an existing bank account to take advantage of its app-based smarts. In April, however, it was approved by the UK authorities to act, well, like a real bank and offer proper accounts. Since then, it's slowly been inviting pre-paid card owners to switch over (the company says all users should be transferred in the next six weeks.)
Monzo is now a proper digital bank
UK banking startup Monzo has been given the green light by the Prudential Regulation Authority and the Financial Conduct Authority to operate, well, like an actual bank. Until now, the company has been working with a restricted banking licence, which meant you had to have a connected, external bank account to use its pre-paid card and money-saving software. The mobile-first approach attracted plenty of fans, but there were limitations to the setup -- Monzo could only hold deposits up to £50,000, for instance. For years, the plan has been to become a proper digital bank.
