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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.
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.
The company charges fee for withdrawing the money abroad which is 3% for the amount more than $264.75 per month.
Partnered with Wire card bank
VALUATION / MARKET CAP:
$61.93 M in 2016
Monzo has more than 100,000 users get access to a pre-paid MasterCard and accompanying iOS and Android apps(2016).
BOARD MEMBERS AND ADVISORS
NUMBER OF EMPLOYEES
Tom Blomfield(CEO);Jonas Huckestein(CTO); Jason Bates(CCO)
DATE OF LAST FUNDING
SEED & PRIOR FUNDING
SEED CLOSED ON
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
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