58. Monzo

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Founders: Tom Blomfield, Jonas Huckestein, Paul Rippon, Gary Dolman and Jason Bates
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.

Don’t believe us? Just speak to its army of 200,000 customers who have spent over £2.5m through Monzo to date!

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