Monzo is a new kind of digital banking that is available entirely on a mobile banking platform. Ease of use and anytime, anywhere accessibility are the key focus areas for Monzo, something that has helped the company acquire more than half a million customers in the UK in just a couple of years. The banking experience provided by Monzo is a lot more personalized and intuitive, as compared to the services provided by conventional banks such as Barclays, Lloyds, Royal Bank of Scotland, HSBC, etc.
Monzo’s banking services have been a huge hit among the youth (under 30), who account for nearly 50 percent of the company’s total customer base. Furthermore, almost a quarter of its customers are under 40. People for whom apps have become a way of life are the ones that have shown an increasing preference for Monzo. It’s about getting over the need to visit the bank, stand in queues and fill complicated forms, all of which have been made possible by Monzo.
The idea for Monzo came in 2015 when founder Tom Blomfield noticed that traditional banking was largely complex, obtuse and opaque. Blomfield wanted to change this status quo, which eventually led to the launch of Monzo in 2015. Monzo has been focused on providing a new kind of banking experience that is delightful for its customers. The company focuses on solving the problems of customers and providing banking services in a fair and transparent manner. The goal is to impact people’s life in a positive manner and make this world a better place.
Monzo started operations with prepaid cards in 2015. After it received a full banking license in 2017, the company has started giving current accounts to its customers. More than 500,000 customers in the UK are already utilizing Monzo’s revolutionary mobile banking platform and the numbers are increasing every day. The plan is to add 1 million customers over the next 2-3 years.
Monzo has received investments worth £109 million through 12 rounds of funding and its net worth was $366 million in 2017. To boost revenues, Monzo is thinking about partnering with other third-party financial service providers such as loan providers, insurance service providers, etc. These third-party services will be integrated within the Monzo mobile banking app. It would make it easier for customers to access these services. After achieving its goals in UK, Monzo has plans to launch operations in other parts in Europe and the rest of the world.