Zenus Bank Gets US Regulatory Approval

Founded by Mushegh Tovmasyan, the challenger bank allows anyone to open a US bank account

A new challenger bank was awarded a license by US regulatory authorities on Monday. Zenus Bank, which is based in Puerto Rico, has received a permit to begin operations.

The company was founded by Mushegh Tovmasyan, an ex-retail trading executive who held senior sales positions at Alpari before founding Divisa Capital.

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“We are solving a key financial inclusion challenge by enabling remote access to best in class global banking products and services for people around the world,” said Tovmasyan, who is also chairman of Zenus.

“Being first to market and innovating within the banking space comes with plenty of challenges – so Zenus Bank has been investing heavily to integrate a unique combination of technologies from leading vendors to achieve our mission.”

Open access US bank accounts

Like other challenger banks, such as Monzo and Revolut, Zenus will not have any physical offices.

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Instead, clients will be able to open an account via their phone, tablet, or computer. Any problems with their account can then be dealt with through an application.

Unlike other challenger banks, however, Zenus will allow people from anywhere in the world to open an account. That means someone living in Europe or South America can access a US bank account.

And, despite having done no marketing, the bank said that it has already received thousands of sign-ups for its waiting lists, with potential clients coming from 118 different countries.

“These sign-ups are coming predominantly by word of mouth as there has not yet been any marketing effort by the Bank while we focus on the build-out of our infrastructure and technologies,” said Weiyee In, chief strategy officer at the bank.

 

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