Monzo (previously Mondo) is a bank for people who live their lives on their smartphones, and is targeted at people who want to get things done in a click and who don't see the need for branches and cheque books.
Monzo is focused on building the best current account in the world and ultimately working with a range of other providers so that Monzo can be an intelligent hub for your entire financial life. Monzo is one of the earliest of a number of new app-based challenger banks in the UK.
Monzo was founded in Feb 2015 by Gary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon, & Tom Blomfield. The company is based in London, London, United Kingdom.
Monzo initially issued (with partner company Wirecard, a variety of alpha, beta and investor cards to its customers who want to be early adopters. These were prepaid Mastercards which the user could top-up via bank transfer or an existing debit card. The balance on the card could then be spent via contactless, chip and pin, magnetic stripe or online.
Monzo's investors include General Catalyst, Accel, Y Combinator, Thrive Capital, and Stripe among others.
Monzo has raised £113M in it's latest "Series F" round funding on June 25, 2019. Monzo doubles it's valuation to £2B ($2.5B) from it's previous £1B ($1.3B) on Oct 31, 2018, when the company secured it's "Series E" round funding of a £85M. This new funding brings Monzo's total funding to £324.7M to date.
Monzo has received multiple awards and accolades including "UK Digital Experience Awards 2018", "Fintech Company of the Year 2016 by City A.M. Awards", "THE EMERGING PAYMENTS AWARDS 2018 under the category of Best Customer Facing Experience", etc.