The U.K.’s so-called “bank of the future,” Monzo, is launching stateside, the company announced Thursday.

The bank has gained popularity in the U.K. over a short period of time. Since it launched in 2015, its customer base has grown to 2.2 million people. Unlike traditional banks, there are no brick-and-mortar outlets, so all the banking is done through its app on iOS or Android. Its popularity seems mostly because of the absence of hidden fees.

Monzo offers a slew of things that have attracted customers, including no or low fees when drawing out money from ATMs abroad. People receive immediate notifications for what they spend, can easily send money to friends without cost, and thanks to the bank using cloud-based technology, unlike traditional banks everything happens in real-time via the app. Users can also use their phone to make payments.

This kind of revolutionary banking is gaining traction, with 40,000 new Monzo customers every week in the U.K. Those customers can discuss features and possible new features on the Monzo forum, making the experience feel a bit more modern than people are used to. It was only a matter of time this kind of banking made it across the Atlantic, said the company.

“Monzo isn’t a bank in the U.S. yet, so we’ll be working with a partner bank to make sure that your money’s safe (it’ll be fully FDIC-insured),” Monzo said in a blog post. “We’ve also started to build a small team in LA. Longer term we’ll apply to become fully licensed as a U.S. bank.”

Without hidden fees and the absence of lending money, you might wonder how Monzo makes any money at all. The company said that’s through other services the company offers, such as insurance. It will also offer overdrafts for a fee. According to most reports at the moment it’s burning its own money.

The company said it will launch this summer in the U.S., and as it did in the U.K., it will host a number of events across the country. To get a Monzo account, you simply sign-up to the app and then transfer money from your bank account into the Monzo account, or you can have your salary paid directly into the Monzo account.

Photo: Monzo