Monzo Bank Ltd

Monzo Bank Ltd is an online bank based in the UK. It is one of the first app-based challenger banks in the UK. It was founded as Mondo in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman, who met while working at Starling Bank. Monzo is a bank for people who live their lives on their smartphones and is targeted at people who want to get things done in a click.

Monzo originally operated through a mobile app and a prepaid debit card and gained its full, unrestricted banking license from UK regulators in February 2017. This allowed the bank to hold customer money and offer products like current accounts.In February 2016, Monzo set the record for “quickest crowd-funding campaign in history” when it raised £1m in 96 seconds via the Crowdcube investment platform.

As one of the new smart-banks, Monzo dispenses with physical branches and instead has a focus on its smartphone app and online customer service. This means you can discuss issues regarding your account 24/7 via its instant messaging system. While the app remains the hub of the Monzo experience, accounts also come with a debit card to use in the physical world. This is backed by Mastercard, so you can use it almost anywhere around the globe for contactless payments or withdraw cash from ATMs.

Monzo offers a wide range of accounts to suit your needs which include current, savings, joint & business accounts. Y Combinator, Accel, General Catalyst,Thrive Capital,Passion Capital & Goodwater Capital are the lead investors of monzo bank. As of June 2020, Monzo had 4.2 million customers and was having a market valuation of £2 billion. Monzo announced on June 2019 that it would begin offering services in the United States by initially partnering with a local bank. The bank has achieved an NPS score of 80, which is unusually high for a bank and a clear indication that its customers have accepted it for being different from the traditional banks out there.

Data Source- Techcrunch, Crunchbase, Wikipedia, Monzo, Techadvisor.