Monzo (previously Mondo) is a digital, mobile-only bank in the UK. Monzo offers a high-tech banking app and credit card

Monzo

Description

Monzo (previously Mondo) is a digital, mobile-only bank in the UK. Monzo offers a high-tech banking app and credit card. It gives users instant balance updates and offers to its clients a range of intelligent notifications such as tracking recurring payments and providing summaries of exactly where their money goes each month. Monzo’s users have spent more than £20m in over 130 countries since its launch.

Overview

Type:	Private
Funding Status:	Series G
Foundation year:	2015
Location:	London, United Kingdom
Number of employees:	1001-5000
Founders:	Tom Blomfield, Paul Rippon, Jonas Huckestein, Gary Dolman, Jason Bates
Website:	https://monzo.com/

Target geographic market:

Global - in 132 countries. Monzo card should work anywhere that accepts Mastercard. But there are occasional issues with using Monzo cards in countries like Cuba, North Korea and Bulgaria.

Awards:

- The British Bank Awards: Best Banking App (March 2020) - Money Saving Expert 2019: number 1 in the customer services poll - British Banking Awards 2019: winner of Best Banking App - LinkedIn Top Startups 2018: number 1 most sought-after startup in the UK - KPMG Fintech100 2018 in the ‘Top 50’ most innovative Fintech companies globally - Tech Nation Future Fifty 2019: one of the UK’s most successful digital businesses

About Product/Service

Products	Monzo Current Accounts; Monzo Plus Accounts; Monzo Business Accounts; Monzo Joint Accounts; Monzo 16-17 Accounts; Savings; Overdrafts; Loans; Travelling with Monzo; Energy switching; Bill splitting
Core product offerings for individual/retail customers	1. Full UK account. 2. App-based banking. 3. Freeze the card on the go, get instant notifications, great spending visualisation features. 4. Fee-free spending abroad. 5. A range of interest-paying savings accounts is available through Monzo’s partners - Paragon, OakNorth, Ivestec, Charter Savings Bank. You can now get tax-free savings through your Monzo account and select short-term or long-term savings, with cash withdrawals next day or in 12 months 6. Overdrafts available (overdrafts up to £500 and loans up to £3,000.) 7. Split bills and open a joint account 8. Switch from old banks account to Monzo 8. if you use Monzo in London, you can connect a cashback app called Tail to your account to get cashback at certain retailers
Differentiating features of product	Monzo offers a full UK account that is almost entirely fee-free (no monthly fees and no cost for physical card). It’s app-based, very easy to set up and use and is also expanding to offer more products, such as savings accounts.

Sales channels	3% fee on foreign ATM withdrawals after the first £200 each month. Going overdrawn costs 50p a day after the first £20. Monthly fees for Monzo Plus, that comes with extra features. £5 monthly fee for Business Pro Plan.
(a) a personal account	Yes
(b) a business account	Yes

Key people

TS Anil CEO

Gary Dolman CFO and Co-founder

Jonas (Huckestein) Templestein CTO and Co-founder

Sujata Bhatia COO

Funding rounds

Last Funding Date	Jun 16, 2020
Last Funding Amount	£60M
Last Funding Type	Series G
Total Funding Amount	£384.7M
Number of Funding Rounds	16

Financials

Customer/Products segments	Current accounts, remittance, debit cards, savings, bills and spending, loans & overdrafts, business accounts, single currency (GBP) account, international money transfers with TransferWise, cashbacks
Key product offering	Personal accounts (current accounts, joint-accounts, Monzo for 16-17 year olds); Business Accounts - Light and Pro
Major shareholders	Y Combinator, Accel,,General Catalyst, Thrive Capital, Passion Capital, Goodwater Capital
Banking license	In 2017 Monzo got a full UK banking license. Authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Monzo has applied to the U.S. Office of the Comptroller of the Currency for a banking license in April 2020.
Type of customers	Retail customers (residents and non-residents), SMEs
Number of customers	4,1M+ total accounts
Estimated revenue	$10M-25M
Number of investors	29
Number of lead investors	7
Names of lead investors	Y Combinator, Accel, General Catalyst, Thrive Capital, Passion Capital, Goodwater Capital, Yoma James Kukor

Tech stack

Competitors

Save comparison	Founding Date	Type	Tags
x Simple Simple is online banking with superhuman customer...	2009	Private	fintech, challenger banks
x Gemalto Gemalto is an international digital security...	2006	Private	Gemalto
x Coconut Coconut is the current account that takes care of...	2016	Private	Challenger banks, fintech
x ClearBank ClearBank is the UK’s first new clearing bank in...	2014	Private	Challenger banks, fintech
x OakNorth OakNorth is a credit science platform that...	2015	Private	fintech, challenger banks

Reviews

4.8 out of 5

Number of uploads:	2 970 560
Number of reviews:	34 467
Updated:	November 27, 2020
Last Version:	3.60.0

September 14, 2020

Syed Rezaul Hoque

Wrote in my postcode and it could not find my exact address. It didn't give me an option to manually type it in. The only way to proceed was to...more

August 28, 2020

Dylan Fernando

Started off great. Now it's just like other baking apps. Their selling point of 24/7 customer support is becoming harder and harder to get with it...more

September 06, 2020

susan reid

Quite new to Monzo and find the app really easy to navigate my way around, especially when I'm not very good with tech etc. The only problem is, I...more

September 15, 2020

Tom

Absolutely brilliant UK tech bank. Incredible money saving tools and a much better app experience than Starling. Used the customer service chat feature...more