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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. 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

June 2019
Monzo raises a $2,000,000,000 series F round from Continuity, Orange Digital Ventures and Passion Capital.

Funding rounds

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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Documentaries, videos and podcasts

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Companies

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News

Title
Author
Date
Publisher
Description
Kalyeena Makortoff Banking correspondent
July 30, 2021
the Guardian
Digital bank says it is cooperating with watchdog which is ramping up efforts to combat financial crime
Anna Tims
July 29, 2021
the Guardian
Firms said problem was being investigated but it's still happening
Patrick O'Donnell
July 24, 2021
Express.co.uk
SOME of the country's biggest banks have been issued a warning by the Competition and Markets Authority (CMA) over their failure to send out transaction histories to over 150,000 former account holders.
Omar Faridi
July 8, 2021
Crowdfund Insider
UK-based digital banking platform Monzo announces seamless cross-border transfers, powered by global Fintech Wise.
Mike Butcher
July 5, 2021
TechCrunch
Following on from mid-June when first-time buyer mortgage lending startup Generation Home raised a $30.4m Series A round and a £300m loan facility from NatWest, it's now adding to its board. Although known for becoming an Angel investor since leaving Monzo, the challenger bank startup he co-founded, Tom Blomfield hasn't joined any startup boards. That [...]
Mike Butcher
July 5, 2021
TechCrunch
Following on from mid-June when first-time buyer mortgage lending startup Generation Home raised a $30.4m Series A round and a £300m loan facility from NatWest, it's now adding to its board. Although known for becoming an Angel investor since leaving Monzo, the challenger bank startup he co-founded, Tom Blomfield hasn't joined any startup boards. That [...]
Mike Butcher
June 29, 2021
TechCrunch
As I've taken to online grocery shopping over the pandemic, I've always wondered why supermarkets didn't offer simple 'recipe' features that would have automatically collected items for a homemade meal. It seemed an opportunity missed. But it is missed no more. Lollipop AI, the new British online grocery marketplace, is launching its public beta today [...]
Mike Butcher
June 29, 2021
TechCrunch
As I've taken to online grocery shopping over the pandemic, I've always wondered why supermarkets didn't offer simple 'recipe' features that would have automatically collected items for a homemade meal. It seemed an opportunity missed. But it is missed no more. Lollipop AI, the new British online grocery marketplace, is launching its public beta today [...]
Omar Faridi
May 31, 2021
Crowdfund Insider
UK's Barclays and Fintechs Starling Bank, Monzo are reportedly blocking money transfers to crypto exchanges.
Callum Burroughs
May 23, 2021
Business Insider
Consumer fintech is going through a second wave of innovation. This time startups are focusing on specialised services like embedded finance.
Callum Burroughs
May 19, 2021
Business Insider
Danish startup Pento wants to stop businesses outsourcing payroll and instead automate it in-house using its software.
Omar Faridi
May 16, 2021
Crowdfund Insider
Banking Challenger Monzo now offering new and improved invoices for business pro clients.
By Simon Read
May 10, 2021
BBC News
Monzo and Channel 4 offer workers paid leave after pregnancy loss, such as miscarriage or abortion.
Kalyeena Makortoff Banking correspondent
May 10, 2021
the Guardian
Either partner can take up to 10 days' leave after miscarriage, stillbirth or abortion in UK digital bank's policy
Omar Faridi
May 7, 2021
Crowdfund Insider
UK-based banking challenger Monzo has announced several new product updates in order to improve user experience.
Callum Burroughs
April 23, 2021
Business Insider
Unicorn fintech founder Tom Blomfield and smoothie business doyen Richard Reed are being lined up for a new TV show about entrepreneurship.
Gené Teare
April 20, 2021
Crunchbase News
Given Stripe's status as the U.S.' most highly valued venture-backed private company, and its pivotal role in e-commerce, we decided to take a peek under its hood and use Crunchbase data to understand the business a bit better.
Isabel Woodford
March 31, 2021
Sifted
Alwyn Jones is leaving Monzo, putting the fintech in the market for a new CFO alongside Revolut and Starling.
Ingrid Lunden
March 8, 2021
TechCrunch
Challenger banks continue to see huge infusions of cash from investors bullish on the opportunity for smaller and faster-moving tech-based banking startups to woo customers from their larger rivals. In the latest development, UK-based Starling announced that is has closed £272 million ($376 million at current rates), at a pre-money valuation of £1.1 billion. This [...]
Ingrid Lunden
March 8, 2021
TechCrunch
Challenger banks continue to see huge infusions of cash from investors bullish on the opportunity for smaller and faster-moving tech-based banking startups to woo customers from their larger rivals. In the latest development, UK-based Starling announced that is has closed £272 million ($376 million at current rates), at a pre-money valuation of £1.1 billion. This [...]
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References

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