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.
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.
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Partnered with Wire card bank
Gary Dolman, Paul Rippon, Jonas Huckestein, Tom Blomfield, Jason Bates
Board Members and Advisors:
NUMBER OF EMPLOYEES:
Stripes Group, Passion Capital, Orange Digital Ventures, Goodwater Capital, Thrive Capital, Cartilage Capital, Blue Wire Capital, Michael Moritz
Tom Blomfield(CEO);Jonas Huckestein(CTO); Jason Bates(CCO)
VALUATION / MARKET CAP:
$61.93 MM in 2016
Monzo has more than 100,000 users get access to a pre-paid MasterCard and accompanying iOS and Android apps(2016).