Creator of the world's first smartphone-based bank, now with an unrestricted banking license
Founders: Tom Blomfield, Jonas Huckestein, Paul Rippon, Gary Dolman and Jason Bates
Founded: February 2015 (launched October 2015)
When Monzo made its inaugural appearance in the Startups 100 index last year, we noted that – as a pioneering business attempting to create a mobile bank from scratch – the start-up had pretty humongous ambitions and goals.
Yet, one year on and the business, described as a “customer service company empowered by technology”, has made major in-roads and is on its way to achieving its aim of rolling-out a smartphone-based bank with an integrated banking app and credit card.
One recent announcement in particular has seen the two-year old London start-up take a major step towards making that mission a reality: in April this year Monzo saw its banking licence restrictions lifted making it a fully authorised, unrestricted bank.
Now bringing live current accounts to existing users – a process which CFO Tom Blomfield says will take several months to complete “to ensure the best possible experience for its users” – Monzo is a true example of a disruptive business creating a “first” in an industry plagued by a lack of innovation and challenges in “giving customers what they want”.
Once live accounts are set up, Monzo users will have their own account number and sort-code and will be able to make bank-to-bank payments and set up Direct Debits, as well as having their salary paid into their Monzo account.
Supported by a recent (wait for it)… staggering £22m funding round, incorporating a £2.5m crowdfunding which saw backing from 6,500 Crowdcube investors, Monzo’s “journey to build a better bank” is well on track.
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Don’t believe us? Just speak to its army of 200,000 customers who have spent over £2.5m through Monzo to date!