Monzo is live in the U.S.

UK challenger bank Monzo is officially live in the U.S.

After an 18-month beta launch in which the startup onboarded thousands of new customers and processed millions of dollars of transactions, the banking platform is now available to customers across the country.

It’s been a tough few years for Monzo – in 2020, its valuation dropped from £2 billion to £1.25 billion and it laid off employees. However, things picked up late last year when Abu Dhabi Growth Fund led a $475 million funding round at a $4.5 billion valuation.

In the UK, Monzo has over 5 million customers and it is going live in the U.S. shortly after another digital bank exits – In November, Allianz X-backed N26 announced that it will end its operations in the country after January 11, 2022.