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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
Clare McDonald
September 30, 2021
ComputerWeekly.com
Computer Weekly has revealed who is on the 2021 list of the 50 Most Influential Women in UK Tech, including this year's winner Poppy Gustafsson
Emily Hodgkin
September 21, 2021
Express.co.uk
SAVING money is tricky, but there are various tools and apps you can use to help make it easier. Financial educator Ellie Austin-Williams, aka This Girl Talks Money, discussed her favourite savings techniques.
Rupert Jones
September 15, 2021
the Guardian
Digital bank's Flex scheme joins controversial market that allows customers to stagger payments without interest or fees
Zesha Saleem
August 28, 2021
the Guardian
We ask those with experience of university life for their advice - and to name their best buy
Omar Faridi
August 28, 2021
Crowdfund Insider
Monzo USA is now allowing its customers to move money to and from other accounts, currently in beta testing.
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References

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