Monzo Files De Novo National Bank Charter Application with OCC
On April 20, 2020, UK-based digital bank Monzo filed a de novo national bank charter application with the U.S. Office of the Comptroller of the Currency (OCC). The 96-page application outlined plans to establish Monzo Bank USA, N.A., headquartered in San Francisco, which would offer FDIC-insured deposit accounts.
The OCC opened the application for public comment as part of its standard review process. The expected timeline for approval was 18-24 months from the filing date. Monzo's application followed a broader trend of fintechs seeking full banking licenses rather than relying on partner bank arrangements.
The move represented one of the most high-profile attempts by a European challenger bank to obtain a U.S. national bank charter. No approval was granted during April 2020, with the review process still in its early stages.
- Signals European neobanks' ambition to compete directly in the U.S. market with full banking licenses rather than BaaS partner-bank models
- If approved, Monzo would reduce its dependence on embedded finance intermediaries and gain direct regulatory standing in the U.S.