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.
Monzo was founded in Feb 2015 by Gary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon, and Tom Blomfield. The company is headquartered in London, United Kingdom.
Monzo simplifies the bill-paying and household budgeting process by allowing its Monzo Plus and Monzo Premium account holders to make card payments from their various “pots” or digital piggy banks.
Monzo launched a ‘buy now, pay later’ (BNPL) product called Monzo Flex, which allows users to spread the cost of their purchases over three months interest-free. The company is also building new products, including Monzo’s own trading platform.
Monzo currently has more than 5.7 million customers and over 100,000 business users.
Monzo is backed by General Catalyst, Accel, Abu Dhabi Growth Fund, Coatue, Thrive Capital, Alpha Wave Ventures, Stripe, Goodwater, Passion Capital, Y Combinator, and others. The company raised $500M in new financing on Dec 08, 2021. This brings Monzo's total funding to $1.1B to date. The latest round valued the company at $4.5B post-money. Monzo was previously valued at £1.24B from a round raised in Dec 2020.