Monzo

neobanks / digital bankslicensed digital banks

FOUNDING YEAR: 2015
LOCATION: United Kingdom
Last Update: 01/05/2020

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About

At Monzo, were building a new kind of bank. One that lives on your smartphone and built for the way you live today. By solving your problems, treating you fairly and being totally transparent, we believe we can make banking better.

MEDICI Analysis

Monzo is a mobile-only bank that offers digital banking services to users like bank accounts and debit cards. They can load money onto the card every month and spend it at shops, ATMs and online. The users also receive real-time feedback regarding their spending. In April 2017, the company received full UK banking license from the FCA and PRA, and currently operates as a fully authorised bank.

Focus

PRODUCTS & SERVICES

Monzo offers a Mastercard (prepaid card) and a mobile app that can be used for paying money into the account. Additionally, it provides instant updates about user balance and handy notifications (including why a transaction was declined). Once a Monzo account has been created by the user, they are issued with a new debit card, and can transfer their full balance over to the account. Users can also make bank-to-bank transfers and direct debits, from their Monzo account.

REVENUE MODEL

The company charges fee for withdrawing the money abroad which is 3% for the amount more than $264.75 per month.

MAIN CLIENTS

Retail customers

EXISTING PARTNERSHIPS

Partnered with Wire card bank

Traction

VALUATION / MARKET CAP:

$61.93 M in 2016

TRACTION COMMENT:

Monzo has more than 100,000 users get access to a pre-paid MasterCard and accompanying iOS and Android apps(2016).

People

FOUNDERS

Gary Dolman

Jonas Huckestein

Paul Rippon

Tom Blomfield

BOARD MEMBERS AND ADVISORS

Denise Kingsmill

NUMBER OF EMPLOYEES

201-500

INVESTORS:

Blue Wire Capital

Cartilage Capital

Goodwater Capital

Michael Moritz

Orange Digital Ventures

Passion Capital

Stripes Group

Thrive Capital

KEY EMPLOYEES:

Tom Blomfield(CEO);Jonas Huckestein(CTO); Jason Bates(CCO)

Momentum

FUNDED

YES

TOTAL FUNDING

$417.34 M

DATE OF LAST FUNDING

2019

SEED & PRIOR FUNDING

$3.14 M

SEED CLOSED ON

Jun 2015

FUNDING SERIES

SERIES A  · $7.22 M  · Feb 2016

SERIES B  · $5.87 M  · Oct 2016

SERIES C  · $24.48 M  · Feb 2017

SERIES D  · $93.53 M  · Nov 2017

SERIES E  · $108.53 M  · Oct 2018

SERIES F  · $143.4 M  · Jun 2019

CROWDFUNDING

$31.17 M

LISTED

NO

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