Monzo is an online bank based in the United Kingdom and is a developer of a mobile banking application. The company's mobile application updates balances instantly, offers spending notifications, tracks day-to-day financial transactions without usage fees, and gives customers a timeline of their overall expenditures and control over their spending.
Originally operating through a mobile app and a prepaid debit card, in April 2017, its UK banking license restrictions were lifted, enabling it to offer a deposit account. As of February 2020, Monzo had 3.5 million customers. Monzo is focused on building a current account and working with a range of banking providers so it can be an intelligent hub for a user's entire financial life.
Monzo was founded in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon, and Gary Dolman. The team met while working at Starling Bank, a competitor in the mobile and online banking market in the United Kingdom, and its 2016 crowd-funding campaign raised £1 million in 96 seconds via the Crowdcube investment platform.
Monzo offers personal banking services, which include one-day advances on salary; sorting functions for a user's salary to keep money for spending, bills, and savings at the time of being paid; bills pots, which allow a user to keep money aside for bills without accidentally spending it; and 0.60% AER interest on a user's savings account with a £500 minimum deposit to open. Otherwise, the account works the same as traditional bank accounts, including access to overdrafts, travel spending, and FSCS protection up to £85,000.
Monzo offers business banking services. There are two business accounts: a free account, which offers the standard Monzo personal account services, and a paid account, which includes tax pots, integrated accounting, multi-user access, and invoicing.
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