Monzo (company)

Monzo (company)

Monzo is a software development company developing mobile banking applications.

Monzo is an online bank based in the United Kingdom and developer of a mobile banking application designed to offer banking service. The company's mobile application updates balances instantly, offer spending notifications and track day-to-day financial transactions without usage fees, offering 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 licence 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 that Monzo can be an intelligent hub for users entire financial life.

History

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 their 2016 crowd-funding campaign raised £1 million in 96 seconds via the Crowdcube investment platform.

Services

Personal

Monzo offers personal banking services, which include: one day advances on salary; sorting functions for a users 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 users 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.

Business

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.

Timeline

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Monzo Series F round, June 2019
Series F round
2,000,000,000
June 2019
Continuity
Monzo funding round, October 2018
Series E round
October 31, 2018
Accel
Monzo funding round, November 2017
93,000,000
November 2017
Monzo funding round, April 2017
Seed round
April 23, 2017
Monzo funding round, January 2017
Venture round
January 26, 2017
Monzo funding round, February 2017
Series C round
February 23, 2017
Passion Capital
Monzo funding round, December 2017
Seed round
December 1, 2017
Jason Ball
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People

Name
Role
LinkedIn

Gary Dolman

Co-Founder

Jason Bates

Co-Founder

Jonas Huckestein

Co-Founder

Paul Rippon

Co-Founder

Tom BlomfieldJ

Co-Founder

Further reading

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Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Jess Sheldon
September 1, 2020
Express.co.uk
MONZO has announced a number of changes will be taking place next month, and this includes a new replacement card fee.
Steve O'Hear
August 19, 2020
TechCrunch
Tristan Thomas, Monzo's long-standing VP of Marketing -- who joined the challenger bank almost five years ago when it had less than 15 employees! -- has announced internally that he is departing at the end of the year. For the time being, his destination is unknown (even to himself, I gather), and once he's served [...]
Iain Withers, Anna Irrera and Tom Wilson | Reuters
July 29, 2020
@bsindia
Signs of stress among even relatively well established fintechs are starting to emerge, say analysts
Steve O'Hear
July 16, 2020
TechCrunch
Can a bank charge for software? That's the existential question Monzo appears to be asking itself with its second -- or, possibly, third -- attempt at launching Monzo Plus, a premium version of its popular current account. In an uncharacteristic (and very public) misstep, Monzo originally launched a version of Monzo Plus in 2019, only [...]
Judy Rider
June 19, 2020
Crunchbase News
A look at this week's 70 European-area tech funding deals, which totaled over $1 billion.
JD Alois
June 17, 2020
Crowdfund Insider
Click HERE to find out ⭐ Frothy? Monzo Funding Round Reported at 40% Haircut, Raises £60 Million. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Steve O'Hear
June 16, 2020
TechCrunch
Monzo, the U.K. challenger bank with more than 4 million customers, has confirmed it has closed £60 million in top up funding. Backing the round are existing investors Y Combinator, General Catalyst, Accel, Stripe, Goodwater, Orange, Thrive, Passion Capital, along with new investors Reference Capital, and Vanderbilt University. One of fintech's worst kept secrets, the [...]
Will Hurst
June 6, 2020
Crowdfund Insider
Click HERE to find out ⭐ Fintech versus Traditional Banking. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Steve O'Hear
June 3, 2020
TechCrunch
Monzo, the U.K. challenger bank, continues to be faced with tough decisions linked to the coronavirus crisis and resulting economic downturn. Following the shuttering of its Las Vegas-based customer support office and almost 300 staff being furloughed in U.K., the company has announced internally that up to 120 U.K. staff are being made redundant. Reuters [...]
Omar Faridi
May 25, 2020
Crowdfund Insider
Digital banking: Monzo, Starling, and Revolut make it much easier to open accounts, according to a recent review.
JD Alois
May 25, 2020
Crowdfund Insider
Click HERE to find out ⭐ Report Wags Finger at Insider Share Sales at Digital Bank Monzo. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Steve O'Hear
May 20, 2020
TechCrunch
More than five years after starting the company, Monzo co-founder Tom Blomfield is stepping down as CEO of the U.K. challenger bank to take up the newly created role of President. Current U.S. CEO, TS Anil, will become the new "Monzo UK Bank CEO", subject to regulatory approval, and for now will hold both U.K. [...]
Omar Faridi
May 16, 2020
Crowdfund Insider
UK digital bank Monzo is planning to acquire additional funding at a 40% reduced valuation to maintain operations during COVID-19.
Omar Faridi
May 12, 2020
Crowdfund Insider
Digital bank Monzo appoints former JPMorgan executive David Laramy as new VP and head of financial crime division.
Steve O'Hear
May 1, 2020
TechCrunch
More personnel changes are afoot at Monzo, as the U.K. challenger bank continues to bolster its leadership team. Specifically, TechCrunch has learned that Sujata Bhatia, a former American Express executive in Europe, has been recruited as Monzo's new Chief Operating Officer, replacing previous COO Tom Foster-Carter (who left the bank rather suddenly in November to [...]
Steve O'Hear
April 17, 2020
TechCrunch
If you have ever attended (or tuned into) one of Monzo's many community events, you are likely familiar with the work of Simon Balmain. An early employee of the challenger bank, he has played a long term role in helping to build Monzo's customer support and community efforts and was often seen emceeing events. Now [...]
Steve O'Hear
April 9, 2020
TechCrunch
Following voluntary employee furloughs and salary cuts in the U.K., Monzo is continuing to take tough decisions in order to shore up its financial position amidst the coronavirus crisis and resulting economic downturn. The latest move -- which TechCrunch understands was being considered prior to the pandemic, though undoubtedly the decision was escalated and made [...]
Steve O'Hear
March 31, 2020
TechCrunch
Monzo, the U.K. challenger bank with over 4 million account holders, is taking a number of precautionary steps to help see it through the current coronavirus downturn, including voluntary furloughs and its CEO forgoing a salary, TechCrunch understands. In an internal company-wide memo issued by co-founder and CEO Tom Blomfield, he tells the bank's over [...]
Steve O'Hear
March 26, 2020
TechCrunch
Monzo, the U.K. challenger bank that now counts over 4 million account holders, has lost its CTO, TechCrunch has learned. According to multiple sources, Meri Williams, who joined the fast-growing fintech in September 2018 to much fanfare, announced internally that she was departing, saying that she wanted to voluntarily help with cost-cutting measures. However, it [...]
Steve O'Hear
March 17, 2020
TechCrunch
Monzo, the U.K. challenger bank, is officially launching business bank accounts today, after an extensive trial period over the last 12 months that saw early access given to 2,500 business customers. Perhaps surprisingly, right out of the gate Monzo is offering two versions of its business bank account -- which is aimed at sold traders [...]
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References

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