Monzo draws a new boost for our banking license

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Monzo is studying a new request to obtain an American banking license four years after a previous attempt when he reached a dead end with the organizers.

UK -based Fintech explores its plans to become a licensed lender in the United States to accelerate its expansion there, according to two people familiar with this issue.

Neobank executive officials believe that the new demand will be more likely to accept by the American banking authority, the currency observer office, after the opposite batch of the president Donald TrumpPeople added.

Both OCC and the other American bank, the Federal Deposit Insurance Corporation, have eliminated the directives that made deals more difficult to complete.

Monzo will join several others who pushed to the United States. London -based Checkout.com said it was planning to “weaken” the expansion plans in the United States after granting it a limited pact for banking purposes from Georgia, which will allow it to settle payment transactions for retailers.

Nubank, the Neobank Brazilian giant, started to obtain an American national bank charter last week.

The United States provides access to new clients and important deposits at a time when many high technology in the UK find it difficult to win new customers in their local market.

The Financial Times reported previously that Revolut, the largest in the United Kingdom, and the smaller competition, Starling was offering plans Buy an American bank So that they can lend all the fifty states.

Monzo canceled its previous application FOr an American banking license in 2021 after OCC made it clear that it is unlikely to win approval.

At that time, Monzo threw 40 percent of its value in the wake of the epidemic and was subject to investigation into possible violations of the money laundering rules.

The company decided to re -grow and concentrate the growth in the United Kingdom. In the year to March, The bank increased revenue 48 percent to 1.2 billion pounds and pre-tax profits of 60.5 million pounds-nearly four times the number of the previous year.

Monzo, which contains 13 million world users, It currently works in the United States through a series of partner banks.

Monzo refused to comment.