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This website is operated by Monzo Inc. Monzo reserves the right to restrict or revoke any and all offers at any time. The Monzo mobile banking app facilitates access to banking services through Sutton Bank, Member FDIC. The Monzo Mastercard Debit Card is issued by Sutton Bank, pursuant to a license from Mastercard International Incorporated. Monzo accounts are FDIC insured up to $250,000 per ownership category, should the bank holding your funds fail. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account.[4] As of June 2023, Monzo had over 7.4 million customers.[1] Their most recent financial results issued in June 2023, showed an annual net loss of 116.3 million (a decrease from the 119 million lost in the previous year) on revenue of 355.6 million.[1]

Download Monzo Banking App

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In April 2017, Monzo was granted its full banking licence by the Prudential Regulation Authority and the Financial Conduct Authority, having previously operated under a restricted banking licence.[17] The full licence allowed Monzo to provide its customers with current accounts, who up until that point were only able to be offered pre-paid debit cards.[18]

After it was told by US regulators it was unlikely to be approved for a banking licence, Monzo announced that it had withdrawn its banking licence application in October 2021.[31] Shortly after, Carol Nelson stepped down as US CEO.[32]

Monzo was founded in 2015 by a small team of entrepreneurs from the technology and banking industries. It now has over 4 million users and 1600 employees, with more than 1 billion [US$1.38 billion] in transactions so far.

@oliver Interesting and very useful blog! I must admit that most of the concepts are out of my reach, but I am really impressed the way you guys have gone ahead handling such a challenging problem - banking with such a sophisticated technology products/tools.

Monzo is revolutionizing the way we bank. By offering a completely app-only banking experience, they are an exciting and remodelled alternative to the banking systems of the past. Instead of solely focusing on selling financial products, they are instead focused on improving the user experience by offering easy to use, mobile adapted banking services. Monzo is a smart bank for the mobile generation.

Monzo's current strategy is focused on acquiring new quality users, who actually start using prepaid cards. Other key metrics for Monzo are whether or not users are delighted enough with the service to refer the app to their friends. As Monzo is now going to be able to offer full-fledged checking accounts, it ultimately wanted to have as many active users as possible who will use banking services once live.

Monzo has created a viable product, proved not just by the sheer volume of active users it has amassed in a short time, but for the fact that it will now be an independent bank in its own right. Monzo has big plans for the future which include rolling out new account features on top of continuously acquiring users who are tired of brick and mortar banking.

Fascinating article. After the class discussion, I felt that Monzo would benefit in launching itself in emerging markets and serve underbanked as compared to moving to the USA. In US, the incumbent banks would catch up with the digital innovation and Monzo would have a hard time to compete against big pockets of these banks. However, in emerging markets, Monzo can bring underbanked and underserved people into banking system.

Heath: Five years ago, a group of people decided to build a bank from the ground up. There are a lot of reasons for that. We wanted to build something that's a bit different, how people manage their money easily, simply. That means you're competing in a space of, honestly, quite a large number of quite big, very well established banks. When we were trying to work out how we would approach that problem, we wanted to build something that was flexible, and could let our organization flex and scale as we grew. The real question is, with that in mind, where do you start? I occasionally suggest this would be the approach. You just open your text editor. Start with, new bank file. Then go from there. Five years ago, I didn't know anything about banking. It's an interesting problem to start from something where you need to work out and understand the domain. Also, work out how you're going to provide the technology underneath that.

In that world, we have an interesting pressure, which is time. Getting a banking license takes quite a long time, as you'd expect. It's important that companies that become banks are well regulated, and have the customer's best interest in mind. There are lots of things that you need to do to make sure that you're looking after people's money. The responsibility you have there is huge. At this point, you have an interesting dilemma as a product company. You want to build a product that helps people manage their money as quickly as possible. To do that, you need feedback as quickly as possible from customers. You can't get feedback because you don't have a product that you can give to people, because you can't take and hold deposits until you're a regulated bank.

The other things that we chose early on, were emphasizing distributed technologies. We didn't want to be in a world where you have one really resilient system, and then a second backup system, and a big lever that you pull but you don't pull very often. Because if you don't exercise those failover modes, how can you know that they work reliably? We wanted to pick distributed technologies from very early on. We use Cassandra as our database. Back in 2015 Kubernetes wasn't really an option, so we actually used Mesos. Then a bit later in 2016, we revised that, looked around, and it was clear that Kubernetes was the emerging market leader. Before we expanded into our current account, we switched over to Kubernetes. The thing that we were taking from that is providing an abstraction. An abstraction from underlying infrastructure for our engineers who were building banking systems on top of that.

I think this is the thing to bear in mind. Our infrastructure is very much an evolving process. There are many services that won't change for a long time. We have a system that generates IDs. We generate standardized format IDs. That has not changed in three or four years. We might add some functionality to that but it's very stable. There are other areas where we're still learning more as we grow. Like those core abstractions, clearly, we've learned a lot more about banking in the last five years than we knew five years ago. We need the ability to change those things over time and refactor them. While we may refactor individual services, generally, we're evolving that system over time as we learn more about it. We'll either potentially expand services, break them up into a smaller number. Sam talked about some of the patterns for these things with monolith decomposition. All of those patterns still apply. If we're breaking functionality out, we may pull that into another service. The original service may temporarily proxy through to that new service, while we update the callers to switch over. It's a bit of a migration process. In a few cases, we've found that we've artificially split something, and after we've used that for a bit, it didn't really make sense. At that point, we can combine those things together. If you find that you're changing a couple of services together, and even if you can deploy them independently, which all of the services at Monzo can be. If you find you're changing two things a lot of the time, then maybe that's a signal that those things were prematurely pulled apart.

Monzo, a UK-based online banking company, has succeeded in shedding the cold corporate feel that most fintech brands have on social media. In doing that, they have become very popular among the Gen Z (and to a lesser degree, millennial) audience.

The demand for online banking innovation is so strong that in 2019, the big 4 banks in the UK (Barclays, HSBC, Lloyds Banking Group and NatWest Group) spent 10bn on digital transformation. But there is something about online-only banks, such as Monzo, that has managed to capture the interest, and trust, of British consumers.

"We are delighted to have this opportunity to apply for a national bank charter, and hope that this will allow Monzo the opportunity to bring its products and services to the U.S. market," the bank said in its application. "We believe that Monzo will be able to provide American consumers with better banking and financial products than current offerings in the U.S. market, with lower fees and charges, better customer service, and a superior digital app experience that consumers now expect."

With its application submission, Monzo joins U.S. challenger bank Varo Money, which is in the midst of a three-year pursuit for a banking charter, an expensive process that has already cost the digital bank $100 million, according to American Banker.

Applying for a banking license isn't always a one-and-done affair. Varo withdrew its first FDIC application in 2018, after the agency asked the bank to improve its operations and fill crucial positions in senior management. The digital bank refiled its application in July.

Unfortunately, I am unable to say - another user may be able to tell you but if Monzo can confirm that they support open banking with their standard account then you will be able to set that up within QuickFile

In a two year period, Revolut, Starling and Monzo were launched, with an aim to win customers through better mobile experiences. At the time, mobile banking in the UK was a nightmare, some banks were still struggling with the web.

Before Monzo, excitement and banking had rarely been uttered in the same sentence. First Direct, Egg and Metro had all drawn interest when first launched, but fizzled as customers began to realise the drawbacks and retreated back to the big four. e24fc04721