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 Orange Digital Ventures, Continuity and Passion Capital.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Monzo Series F round, June 2019
2,000,000,000
June 2019
7 Results
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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

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Date
Link

Companies

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CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Isabel Woodford and Cecile Bussy
February 23, 2021
Sifted
The European 'green fintech' ecosystem is rapidly growing but still young: meet the startups mixing money and climate action.
Freya Pratty and Amy Lewin
February 22, 2021
Sifted
British payments group TransferWise is changing its name to Wise, aiming to show that it's not 'just' a money transfer company anymore.
Gregory Magana
February 19, 2021
Business Insider
Monzo has teamed up with open banking provider TrueLayer to enhance the reach of its popular gambling block feature.
Rob Davies and Kalyeena Makortoff
February 16, 2021
the Guardian
Government urged to use law review to remove obstacles for people keen to stop betting
Ryan Weeks
February 8, 2021
Sifted
The UK challenger bank Monzo is finalizing a £50m funding extension from a new Silicon Valley investor.
Callum Burroughs
February 8, 2021
Business Insider
Challenger bank Monzo is set to bring in £50 million ($68 million) in new funding from a new Silicon Valley fund.
Isabel Woodford
January 20, 2021
Sifted
Tom Blomfield firmly closes the door on Monzo, marking the end of an era
Steve O'Hear
January 20, 2021
TechCrunch
Monzo founder Tom Blomfield is departing the U.K. challenger bank entirely at the end of the month, staff were informed earlier today. Blomfield held the role of CEO until May last year when he assumed the newly created title of president and resigned from the Monzo board. However, having been given the time and space [...]
Steve O'Hear
January 20, 2021
TechCrunch
Monzo founder Tom Blomfield is departing the U.K. challenger bank entirely at the end of the month, staff were informed earlier today. Blomfield held the role of CEO until May last year when he assumed the newly created title of president and resigned from the Monzo board. However, having been given the time and space [...]
Insider Intelligence
December 28, 2020
Business Insider
The most innovative financial services providers with the BI list of top fintech startups and financial technology companies. Stay on top of the future of financial technology.
Gregory Magana
December 10, 2020
Business Insider
Starling attained a customer score of 88% in a survey from UK consumer group Which?, followed by fellow Monzo (82%) and First Direct (79%).
Rachel Green
December 3, 2020
Business Insider
Monzo secured $77.6 million in its latest funding round and reported impressive growth in its relatively new paid accounts.
Gregory Magana
December 2, 2020
Business Insider
Revolut's mobile app updates and new online portal come as Starling's newfound profitability is putting the spotlight on other UK neobanks' success.
Omar Faridi
November 21, 2020
Crowdfund Insider
UK-based digital bank Starling reports breaking even and appears to be on track to become first challenger that's profitable.
Freya Pratty
November 20, 2020
Sifted
Starling Bank has become the first digital challenger bank to break even and is on course to become profitable.
Omar Faridi
November 18, 2020
Crowdfund Insider
Lisa Nowell, the Chief Risk Officer at UK digital bank Monzo, leaves company for new role at Ashman Finance.
Isabel Woodford
November 16, 2020
Sifted
Exclusive: Outgoing CRO Lisa Nowell has left after just 1 year at the firm
Anna Moore
November 8, 2020
the Guardian
'I'm a woman. I'm 5ft tall. I'm Welsh. I'm middle-aged. I'm from a very ordinary background': Anne Boden shot at Starling Bank in Southampton. Photograph: Michael Clement/The Observer
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 [...]
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References

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