Monzo isn`t planning on partnering with a major bank any time soon but wants to build a shared "marketplace" ecosystem with them, Blomfield said. "Where we`re going longer term is in marketplace banking, where we`re trying to build Monzo into a control center, into a dashboard, a marketplace. So we do the day-to-day money management but say for example you want a mortgage, that`s not something we would provide, so actually we`ll offer mortgages from other banks on our platform." The firm is one of many digital challenger banks set up with the aim of competing with larger lenders. Earlier this month another challenger, Revolut, announced it had applied for a European banking license in order to add credit and deposit services to its offering. More than 400,000 people use Monzo`s app, 20,000 of which have set up a current account.
The digital challenger was given a banking license by U. regulators earlier this year.
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