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, & 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 currently has more than 4.8 million customers and 60,000 business users — up from 25,000 signups in June — and more than 100,000 customers across its paid-for current accounts, Monzo Plus and Monzo Premium.
Monzo is backed by General Catalyst, Accel, Y Combinator, Thrive Capital, Stripe, Goodwater, Passion Capital and others. The company raised another £60M as an extension of the Series G raised in June 2020. This additional financing brings Monzo's total funding to £444.7M to date. The latest round values the company at £1.24B post-money. Monzo was last valued at £2B ($2.5B) after it had raised its Series F in June 2019.
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.