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 customers1. 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 productMonzo 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 channels3% 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 accountYes
(b) a business accountYes

Key people

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 offeringPersonal accounts (current accounts, joint-accounts, Monzo for 16-17 year olds); Business Accounts - Light and Pro
Major shareholdersY Combinator, Accel,,General Catalyst, Thrive Capital, Passion Capital, Goodwater Capital
Banking licenseIn 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 customersRetail customers (residents and non-residents), SMEs
Number of customers4,1M+ total accounts
Estimated revenue$10M-25M
Number of investors 29
Number of lead investors7
Names of lead investorsY Combinator, Accel, General Catalyst, Thrive Capital, Passion Capital, Goodwater Capital, Yoma James Kukor

Tech stack

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