Monzo, the mobile banking app known for its coral coloured debit cards, is planning to launch in America as soon as this summer, The Daily Telegraph has learnt.

The £1bn start-up challenger bank is in the process of hiring executives to lead its product and marketing arms in the US. It is expected that the company will choose Los Angeles as its base.

Monzo does not yet have a US banking licence, but is believed to be planning a similar soft launch to how it set up its app in the UK by launching a pre-paid card.

The start-up received a UK banking licence in 2017 and has expanded into current accounts and business accounts. Monzo customers interact with it online or in its app, which allows users to keep track of spending and make quick money transfers to fellow Monzo users.

According to job listings for its Los Angeles office, Monzo is “planning to launch in the US in the next few months”. A source familiar with the plans said the launch could be as soon as this summer.

The start-up already has a small team in Las Vegas as part of a 24-hour customer support function.

Monzo’s rivals, such as payments app Revolut and German financial technology start-up N26, are also planning US launches in 2019 as Europe's most successful financial technology start-ups eye expansion across the Atlantic.