UK challenger bank Monzo has applied for a US banking licence and is preparing to open a San Francisco office, according to the Telegraph.
Monzo has long planned to enter the American market, last year hiring Visa veteran TS Anil to lead the push and opening a waitlist for a service comprising a debit card and mobile app.
However, a full banking licence would allow the firm to offer Americans fully insured deposit accounts and lending products.
The arduous application process, run by the US Office of the Comptroller of the Currency, could take two years to complete.
The US plans have not been derailed by the Covid-19 pandemic. Monzo recently decided to close a Las Vegas call centre but this serviced UK customers.