Monzo has hired Visa's global head of payment products and platforms TS Anil to lead its US expansion.

The 25-year financial services veteran has experience from roles at Standard Chartered, Citi and Capital One. He will become the UK digital challenger bank's US chief executive early next year.

Monzo launched an initial beta roll-out in the US in August, working with 1,000 customers to gather feedback on a bespoke product for the American market, where it claims to have a 20,000-strong waiting list.

Anil will initially focus on hiring across product, operations and technology, major strategic initiatives and leading US regulatory engagement.

"Over the last five years I have watched Monzo’s journey from small UK start-up to fully-fledged bank with over three million customers," he commented.

"Joining Monzo as US CEO is a fantastic opportunity to help recreate that magic in the US, and I’m delighted that I’ve been given the chance to be part of a team building the bank of the future in a market as large and exciting as the US."

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