Neobank decided to expand the market despite an epidemic
British nebank Monzo has applied for a banking license in the United States and is preparing to open an office in San Francisco.
It has been reported that Monzo has long planned to enter the US market. Therefore, last year, the company hired Visa’s top manager TS Anil (TS Anil) for the new office and the company’s line of business, which included issuing debit cards and mobile applications.
The presence of banking licenses will allow startups to offer fully insured deposit accounts and loan products to Americans. At the same time, it may take two years to obtain a license from the US Office of Foreign Exchange Control.
It is noted that Monzo’s plan to expand the market was not affected by the coronovirus epidemic, but the company recently had to close a call center in Las Vegas, serving customers from the UK.
Paypal magazine help
Earlier it was reported that customers of British banks Monzo and Royal Bank of Scotland (RBS) would be able to check their approval ratings for loan applications by tracking the credit rating for free through the mobile banking application. To assess credit, banks will use TransUnion Credit Agency data.
It has been reported that the new service will be an additional incentive for Monzo customers to take loans. Since last August, Mobile Bank introduced a flexible lending system, offering 200 to 15 thousand pounds for a period of up to five years.
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According to the material finextra.com