Monzo Bank
Monzo Bank, founded in 2015 and based in London, is a prominent fintech company offering innovative banking services including personal and joint accounts, a mobile banking app, and a Monzo Mastercard Debit Card, all insured by FDIC up to $250,000.
Services
Monzo Bank offers a range of financial services to its customers. Their personal and joint accounts come with features like real-time transaction notifications, no overdraft fees, and no foreign exchange conversion fees. Users can access these services through a mobile banking app provided by Sutton Bank and receive a Monzo Mastercard Debit Card. Additional services include real-time balance updates featuring pending transactions, a salary sorter feature, and the ability to round up transactions to save money. Monzo Bank also provides access to over 40,000 fee-free ATMs nationwide and supports setting up Pots for specific savings goals.
History
Founded in 2015, Monzo Bank has quickly become a prominent player in the fintech sector. Within a few years, Monzo has amassed over 7 million customers in the UK and attracts around 150,000 new customers per month as of 2022. The bank’s focus on innovative consumer finance solutions and a robust mobile app has significantly contributed to its growth and popularity. Furthermore, Monzo has garnered substantial backing from prominent investors including YC, Stripe, Tencent, and Mike Moritz.
Customer Base
Monzo Bank serves a diverse and expanding customer base, with over 7 million individuals banking with them in the UK alone. It is reported that 13% of UK adults are Monzo customers, with an impressive acquisition rate of 150,000 new clients per month in 2022. Eighty percent of new customers come from word-of-mouth referrals. The bank also maintains high engagement levels, with approximately 60% of its customers being weekly active users and around 40% using Monzo as their primary bank account.
Employee and Team
Monzo Bank employs approximately 2,450 staff members, with around 400 individuals dedicated to their product and technology team. Their workforce operates out of their main location in London, as well as various remote and partly remote positions across the United Kingdom and Europe. In recognition of its attractive work culture, Monzo was voted the #1 startup where people in the UK want to work in 2022.
Mission and Community Engagement
Monzo Bank's mission is to make money work for everyone. To this end, they are actively engaged with their community and contribute to open source software projects. The bank’s customer-centric approach is reflected in its high Net Promoter Score of 70+. Monzo's commitment to customer satisfaction and community values supports their ongoing success and growth in the financial sector, fostering trust and loyalty among its users.