Monzo history

Monzo Bank Limited

Trade name: Monzo

Founded: 2015

Founders: Tom Blomfield, Jonas Hackestein, Jason Bates, Paul Rippon, Gary Dolman

Managing persons: Gary Hoffman (Chairman), TC Anil (CEO)

Location: London, England, United Kingdom

Website: www.monzo.com

Monzo Bank Limited is a revolutionary neobank with a core mission to facilitate customers’ spending and saving processes. Monzo relies on convenience and intuitive design.

‍History of Monzo

Monzo is one of the largest fintech players in the UK market. The company was founded in 2015 by Oxford graduate Tom Blomfield. It has managed to become one of the leading neobanks, the main features of which are the absence of physical branches and the emphasis on communication with the user through a mobile application.

Right now, the main service the company offers is a bank account with a debit card linked to it and a mobile app.

Thanks to its customer-centric approach, user-friendly mobile app and smart community outreach, the startup has been able to attract more than 2.5 million customers and become a major competitor to Revolut, a UK-based fintech startup with roots that has been criticised for its rigid corporate culture and questionable origin of investor money.

Student startup and corporate job

Monzo CEO and founder Tom Blomfield founded his first company while studying law at Oxford. Blomfield launched a startup called Boso (buy-or-sell-online) with his fellow students, but when they were called to Y Combinator’s accelerator, Blomfield decided to exit the business.

According to him, he didn’t want to take any risks, so he decided to finish his studies at Oxford, where he got his bachelor’s and master’s degrees.

Without a clear idea of what he really wanted to do, Blomfield spent three years at management consultancy McKinsey & Company: he recalls that this period was not the happiest time in his life.

One of the reasons is that Blomfield gave all his time to his job, spending 90-100 hours a week at it, while the entrepreneur values work-life balance. When asked about his daily routine, Blomfield said he likes to play Starcraft, cook with his girlfriend and doesn’t see the point in waking up before 8am.

In 2011, Blomfield and his university friends founded GoCardless, a startup whose main product is providing Direct Debit (automatic debit from a bank account) to business customers.

Like Blomfield’s first startup, GoCardless managed to get into Y Combinator’s accelerator programme, although it had problems raising seed capital in the early stages. This time, Blomfield expressed interest in further developing the company and travelled to San Francisco.

However, Blomfield admits that, like consulting, working on GoCardless was not what he wanted to do in the future in five to ten years. Blomfield left the company and joined the Grouper team, which was developing a platform for offline meetings between different groups of users based on their Facebook information.

Despite Blomfield’s departure and early difficulties, GoCardless is still successful today: in February 2019, the company raised $75 million in another round from investors such as Adams Street Partners and Salesforce Ventures.

Blomfield does not deny that his privileged background played a big part in his entrepreneurial success. Having graduated from a prestigious school and Oxford, Blomfield recognised that, unlike many entrepreneurs, leaving the corporate world to found GoCardless meant he was taking no risks and could always return to his parents to live in their garage.

Blomfield didn’t have to live in a garage: after one year at the subsequently closed Grouper, Blomfield joined the team of former top executive of the largest Dutch bank ABN AMRO and Royal Bank of Scotland Anne Boden and her fintech start-up Starling Bank, starting work on the technical side in the role of Chief Technology Officer.

While working on GoCardless, Blomfield wrote the entire backend part of the project, and from a young age he had a keen interest in programming. So Blomfield was excited about the opportunity to work on a product that would challenge traditional banks.

The very idea behind Starling Bank is what Monzo later became: to challenge traditional banks with their slowness, high fees and the need to go to a bank branch when you need to make any transaction with your account.

But six months later, Blomfield left the project. The industry said that Blomfield had a conflict with Boden, but the former chief technology officer of Starling Bank prefers not to talk about the reasons. Blomfield studiously avoids answering the question about the reasons for his departure, noting only that there are things he cannot discuss with the press, and the conflict with Bowden is one of those things.

Starling Bank itself, which Blomfield worked on, was a response to the conservative nature of British retail banking in the early 2010s. Anne Boden, the founder of Starling Bank, was one of the first people who decided to completely overhaul the banking service and make the mobile app the only means of managing her account: all account transactions were done through the mobile app.

The pioneer in trying to change the traditional branch-based retail banking model was First Direct, a subsidiary of British giant HSBC, which abandoned branches. It communicated with customers exclusively by phone and online, but no one had ever tried to make the mobile app the only formal channel of communication between the bank and the customer.

Founding Mondo and attracting the first investment

After leaving Starling Bank following a disagreement with Boden, Blomfield decided to start his own fintech startup called Mondo (originally named Monzo).

One of Blomfield’s greatest strengths as an entrepreneur was his ability to assemble strong teams around him. On leaving Starling Bank, Blomfield was joined by Chief Technology Officer Jonas Templestein, Head of Customer Service Jason Bates, Head of Risk Paul Rippon and Chief Financial Officer Gary Dolman.

Most of Mondo’s co-founders were older than Blomfield and had extensive experience in traditional British banks.

Unlike its previous projects, finding seed investment for Mondo was not a big problem. One of the first venture funds to invest in the startup was London-based Passion Capital.

As fund partner Eileen Burbidge later noted, her fund was originally going to invest in Starling Bank, but ultimately decided to fund Mondo, primarily because of Blomfield’s personality, who had no fear of potential problems with financial regulators and, according to Burbidge, exuded ambition.

In total, Passion Capital has invested £7m in the Blomfield start-up.

Crowdfunding and customer engagement as shareholders

On 3 March 2016, using crowdfunding platform Crowdcube, Mondo successfully completed the campaign, managing to raise the designated target of £1 million. It took Mondo just 96 seconds to raise the funds: the fastest crowdfunding campaign in history.

Blomfield himself stated that his company then turned down significant international investors because he and his team wanted the new round of investment to involve direct users of the service, which at the time was in the process of obtaining a banking licence and was in the alpha stage of testing.

Mondo became the first banking service in the UK to allow its customers to become shareholders through a crowdfunding platform. The average investment was £537, with the amount invested per participant capped at £1,000 – Blomfield wanted as many users as possible to share in the company.

As a result, 3.3 per cent of the companies shares were shared with 1,861 investors and through a record crowdfunding campaign Mondo was able to make itself known to a wider audience.

Colour as a badge of honour

The company has been actively testing the app and payment cards among its first customers. Before receiving approval from the financial regulator and a banking licence, Mondo offered prepaid debit cards featuring a bright coral colour (which later became the colour of 2019 according to the Pantone colour institute), which later became the company’s main distinguishing feature.

According to Hugo Cornejo, vice-president of the design department, the company did not plan to use bright neon coral as the main colour. It was planned that only the first batch of test cards would be brightly coloured – like carmakers who paint demonstration concept cars in bright colours to attract the public’s attention.

But customers liked the coral colour so much that the design team decided to make coral the main colour.

Customers played a decisive role not only in the colour of the card, but also in the name of the company – in 2016, shortly before receiving a banking licence, the company announced that it was looking for a new name for itself. The original name Mondo had to be changed due to problems with the rights holders – they had registered a trade mark under a similar name before Blomfield’s company became active.

Users as part of the company

The company announced a contest for a new name among users. Monzo turned out to be the most successful variant, and all customers who suggested this name received a corporate hoodie with their suggested name.

Subsequently, the company often turned to users for advice, gathering feedback from customers. The company’s employees actively communicated with customers on its forum, and users suggested possible improvements to the product, ranging from minor changes in the user interface to the commission structure.

Monzo application interface

Users were also listened to thanks to the voting system: in the forum, a topic with a request for a particular improvement can be supported or, on the contrary, omitted, considering the proposal unnecessary and unimportant.

Active growth and “unicorn” status

Two years on from its founding (2015) and one year after receiving an unrestricted banking licence allowing the company to open current accounts for its customers and issue standard debit cards instead of prepaid cards, the company has managed to attract more than 200,000 active customers.

Customer flow reached 25,000 new accounts per week. By mid-2019, the company had more than 2.5 million customers in the UK alone. In the future, Blomfield was focused on expansion in the US, where the company has already managed to open an office, which will further expand the service’s client base.

The company stays true to its fundraising ethos – Monzo raises funding from funds such as Thrive Capital, Orange Digital Ventures and Goodwater Capital – but still emphasises crowdfunding.

In 2017, Blomfield and his team raised £2.3m from 6,400 investors; in 2018, Monzo raised £20m in two days with the help of 36,000 independent investors who showed interest in the crowdfunding campaign.

2018 proved to be a key year for Monzo’s valuation: after closing another £85m round and receiving funding from Accel Partners and General Catalyst Partners, the company achieved unicorn status – its valuation rose to £1bn ($1.31bn).

Limitations in Monzo’s capabilities

Despite obtaining a banking licence, most customers are not taking the risk of using Monzo as their sole and primary bank. Most customers in the UK still prefer to receive their salaries into their classic retail bank account, using Monzo as an ancillary service.

The list of available financial services is also inferior to traditional banks with branches – Monzo does not provide its customers with lending services, unlike a similar N26 in Germany and the British challenger bank Atom Bank, which focuses on lending to customers, providing them with mortgages, among other things.

Monzo’s goals

• Monzo is partnering with new services to provide a wider range of services (the most prominent example is its partnership with Transferwise for low-cost international payments).
• Actively develops integration with IFTTT – the service allows interaction with third-party applications and devices (for example, the ability to interact Monzo with Alexa – voice assistant from Amazon).
• As well as being regularly listed as one of the best places to work and having high engagement amongst clients.

The company continues to successfully raise funds for growth: having closed another round of investment and managed to raise £113m from a group of US investors led by Y Combinator, the company has overtaken its main competitor Revolut in terms of value.

The company has reached a valuation of £2bn, making it the second most expensive fintech startup in the UK (with OakNorth, an online business lending platform, in first place) and the second most valuable challenger bank in Europe after Germany’s N26.

Startup founder Blomfield aims to get 1bn customers worldwide.

Monzo products and services

Monzo offers innovative banking solutions including:

Current account: universal account with no foreign usage fee.

Account for 16-17 year olds: has adapted features for young people.

Joint account: convenient management of joint finances with a partner.

Business account: offer for individual entrepreneurs and legal entities.

History of the company’s development by years

2015: Founding under the original name Mondo.

2016: In February, Monzo sets the record for “fastest crowdfunding campaign in history” when, through investment platform Crowdcube, it managed to raise £1 million in 96 seconds.

Changing the trade mark to Monzo after a legal dispute.

2017: Obtaining a full banking licence and moving from prepaid cards to full current accounts.

2018: Reaching the milestone of one million customers and becoming a unicorn with a company valuation of £1bn.

2019-2020: Expand credit product offerings and launch commercial bank accounts.

2021: Withdraw application for a US banking licence and fully launch in the US market through a partnership with Sutton Bank.

2023: Report on the company’s first profitability.

Financial performance

Revenue: Increase to £355.6m in 2023, reflecting business growth and successful expansion of the loan book.

Net profit: Reduced losses to -£116.3m, profitability the bank achieved in the first few months of the year 2023.

Number of employees: Increase to 2,432 employees in 2023 due to the bank’s expansion and strengthening of its operations.

Market position

With 7.4 million customers, Monzo ranks as the seventh largest bank in the UK and continues to build its market presence with total customer deposits of £6bn.

Innovation and technology

Monzo has been active in innovation, providing APIs for developers and incorporating advanced technology solutions into its financial products.

Expansion and acquisitions

Monzo is expanding geographically to cover not only the UK market but also the US territory, where the company is looking to strengthen its position through strategic partnerships and innovative financial products.

Corporate Responsibility and Sustainability

In the area of corporate responsibility and sustainability, Monzo does not stand out with specific initiatives, but its approach to banking services and transparency in dealing with customers can be considered a sufficient contribution.

Additional facts and figures

Monzo demonstrates growth in its lending business, a significant increase in net interest income and credit risk management.

Monzo Services

Early access to payroll: Receive your paycheck a day early at no additional cost.

Salary sorter: Allocating funds between different purposes.

Bills Pots: Organise bill payments with automatic debits.

Instant notifications: Detailed information on expenses in real time.

Direct debit: Automatic notification of upcoming payments.

Rounding transactions: Automatic rounding of transactions to accumulate savings.

Zero fees for spending abroad: Using the card abroad without additional fees.

Account Opening: You can open a Monzo account in a few simple steps using your smartphone and ID. The process is as accessible and convenient as possible.

Security: Monzo provides a high level of security, utilising modern technologies and practices such as 3D Secure, and protects customer funds through the FSCS.

Use abroad: The Monzo card can be used globally with no fees, making it an ideal choice for travellers and those working abroad.

Cash and cheque payments: Monzo offers simple and efficient ways to deposit cash and send cheques, providing convenience for all types of users.

Savings and overdrafts: Monzo customers can earn interest on savings accounts and have access to overdrafts and loans, providing flexibility and support for their financial needs.

Monzo licence

Monzo, an internet-only digital bank in the UK, was granted a full banking licence in April 2017. This licence was issued by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). As a fully licensed bank, Monzo is authorised and regulated by these financial regulators, ensuring that it adheres to the standards and regulations that apply to other banks in the UK. If your team is developing a similar project and is interested in obtaining an EMI licence in the UK the lawyers at Regulated United Europe would be happy to assist you.

A brief history of Monzo

Monzo was founded in 2015 and entered the market with a single product – a MasterCard bank card that can be topped up via its app and used for free international transfers. Over the years, Monzo has managed to attract more than 7 million customers who have abandoned the services of traditional banks like Barclays and HSBC and have become active Monzo users.

Monzo is positioning itself as a bank in a smartphone. No physical bank branches or outlets – all transactions are done online and managed by a mobile app. All you need to do to open an account is download and install the app on your smartphone and complete a simple verification process, and you’ll receive a unique Hot Coral Mastercard bank card in the post. You get a full-fledged UK bank account, the ability to open deposit accounts and access to credit facilities. Meanwhile, the security of your funds is guaranteed by an FCA (Financial Conduct Authority) licence. Monzo is particularly attractive to those who are temporarily living in the UK or have only recently arrived in the country, as the bank does not require proof of address to open an account (as is the case with traditional banks). Monzo also offers customers low-cost international transfers in a variety of currencies by integrating the TransferWise service into its app.

How Monzo Works

Monzo offers its customers several types of bank accounts: personal, joint and business accounts. As a personal account holder, you can enjoy the full range of services that are available for a regular bank account, such as using Monzo to receive your salary, set up monthly automatic debits (utility bills), withdraw cash from an ATM and send international money transfers. Monzo also provides the ability to set up deposit accounts

• Flexible Deposit Account – Easy Access Saving Pots
• Fixed Deposit Account – Fixed Saving Pots

The Easy Access Savings Account accrues up to 0.80% on the balance and you still have free access to the money in the account. To open a deposit, you need to make a minimum deposit of £10. You are charged up to 1.15% APR on the balance of the fixed deposit account, but you don’t have free access to the money in the account. The minimum deposit term is 3 months and the maximum is 12 months. In terms of ATM withdrawals, you can withdraw up to £200 anywhere in the world every 30 days for free, withdrawals over £200 will incur a 3% fee, but there is no fee when using the card in Eurozone countries. Monzo account holders can also activate an overdraft (line of credit) on their account up to £3,000. The overdraft interest rate will be set at 19%, 29% or 39% depending on your credit rating (you can check your rating directly in the app before submitting an overdraft application).

Monzo Business

Monzo offers business banking services tailored to the needs of small businesses and freelancers. Business accounts are designed to make financial management easier and more efficient. Here are some of the key features and benefits of business banking with Monzo:

1. Types of Business Accounts: Monzo offers different types of business accounts to suit different business needs. This includes accounts for both small businesses and freelancers, with features tailored to each category.
2. Easy Management: Accounts are managed through the Monzo app, offering a user-friendly interface for tracking and managing finances.
3. Integrations: Monzo Business Accounts can integrate with popular accounting software to help streamline accounting and financial management processes.
4. Instant Notifications: The account provides instant notifications of all transactions, helping business owners stay on top of their finances.
5. Invoicing features: Some Monzo business accounts offer invoicing features that allow you to create, send and manage invoices directly from within the app.
6. Tax Accounts: To help with financial planning, Monzo offers a feature to set aside a percentage of income for tax purposes, which can help businesses manage their tax liabilities more efficiently.
7. Debit Card: Business accounts are accompanied by a Monzo debit card that can be used for business expenses.
8. Commissions and Fees: Monzo’s business banking services have a clear fee structure, with some accounts offering free services and others charging monthly fees depending on the level of service and features required.
9. Customer Support: Monzo provides specialised support for its business customers, ensuring that help is available when needed.
10. Security: As with their personal banking services, Monzo places great emphasis on the security of their business accounts.

Business banking from Monzo is particularly popular with startups, freelancers and small businesses due to its digital focus, ease of use and a range of features designed to simplify financial management.

Opening an account with Monzo

Opening an account with Monzo is a simple and completely digital process designed for speed and convenience. Here are the basic steps required to open an account with Monzo:

1. Download App: First, download the Monzo app from the App Store or Google Play Store to your smartphone.
2. Registration: Open the app and follow the instructions to register. You will need to provide some basic personal information such as your name, address, email and phone number.
3. Proof of Identity: Monzo requires proof of your identity to comply with banking regulations. This usually involves taking a photo of a valid government-issued ID (such as a passport or driving licence) and selfies. The app will guide you through this process.
4. Providing Additional Information: Depending on your situation, you may be required to provide additional information about your employment status or income. This is standard procedure for financial institutions to understand your financial situation.
5. Setting up your Account: Once your identity has been confirmed, you can set up your account. This may include setting up a PIN for your card and customising any relevant account features.
6. Account Activation: After completing these steps, your account will usually be activated.
7. Receiving your Debit Card: Monzo will send your Debit Card to your address. This may take a few days. Once you receive it, you will need to activate it using the app.
8. Funding your Account: You can top up your Monzo account via bank transfer, payroll deposit or other methods available in the app.
9. Start Using Your Account: Once you’ve funded your account and activated your card, you can start using your Monzo account for everyday financial transactions.

Please note that specific requirements and steps may vary slightly depending on your location and any updates to Monzo procedures. It’s always a good idea to check the latest information directly on the Monzo website or app. Monzo prides itself on its commitment to maximising digitalisation by making the process of opening an account as simple as possible.

Petition for a Monzo card

Applying for a Monzo card involves a simple, digital process that is mostly done through their mobile app. Here are the steps you typically need to follow:

1. Download the Monzo App: Start by downloading the Monzo app from the App Store (for iOS devices) or Google Play Store (for Android devices).
2. Create an Account: Open the app and start the registration process. You will need to enter some basic personal information such as your name, date of birth, email address and current home address.
3. Confirm Your Identity: According to banking regulations, Monzo requires proof of identity. This usually involves uploading a photo of a valid government-issued ID (such as a passport or driving licence) and taking selfies. The app will guide you through this process.
4. Complete Additional Verifications: Depending on Monzo’s requirements and your particular circumstances, you may be asked to provide additional information for verification purposes.
5. Order Your Card: Once your account is set up and your identity confirmed, you can order your Monzo card directly through the app.
6. Waiting for Card Delivery: Once ordered, your Monzo Card will be dispatched to your registered address. Delivery times may vary depending on your location.
7. Activate Your Card: Once you have received your card you will need to activate it. This is usually done through the Monzo app by entering your card details.
8. Fund Your Account: Before you can start using your card, you need to add money to your Monzo This can be done via bank transfer, salary deposit or other methods provided in the app.
9. Start Using Your Monzo Card: Once your card is activated and your account is funded, you can start using your Monzo card for transactions.

Remember that the availability of Monzo services and the exact process for applying for a card may vary depending on your location and any regulatory changes. Always refer to the latest advice and information provided on the Monzo app or their official website. Monzo is known for its user-friendly approach, aiming to make the process as simple and efficient as possible.

Advantages and disadvantages of Monzo

Pros of using Monzo

• a full UK bank account
• free and easy account opening (no address confirmation required)
• Possibility to maintain joint accounts and split payments
• the possibility of opening a special account 16-17 for users who are under 18 years of age
• cash deposit to the account in any shop with PayPoint logo
• deposit accounts, overdrafts and loans
• a very flexible and smart mobile app that allows you to manage your finances

Monzo’s minuses

• only available in the UK
• Free ATM withdrawal limit of £200 per 30 days, with a 3% fee for withdrawals over this amount.
• daily limits on cash withdrawals and card payments
• You can make a cash deposit into your account up to a maximum of £1,000 every 6 months (£500 for a 16-17 account)

How to Open an Account with Monzo

You must be resident in the UK to open a Monzo account. In the near future, Monzo cards will also be available to US residents.  To open a Monzo account, you’ll need a smartphone with an internet connection and ID (passport, driving licence, id card or other photo ID). Install the Monzo app on your smartphone, fill in the application form and in just a few days you will receive a free bank card in the post which will be linked to your bank account. Monzo also offers the option of opening an account for underage users aged 16 to 17 (16/17 account). The only difference between a 16/17 account and a standard account is that certain expense items are blocked, such as gambling fees and so on. Registering for an account does not require proof of permanent UK residence or domicile, nor does it require full verification.

Joint, Savings and Overdraft Accounts at Monzo

Monzo gives you the option of opening a joint account. This account has similar features to a standard current account, but you get two debit cards – one for you and one for your partner. You can switch from a personal account to a ‘partner’ account via the app. Monzo offers several savings account options.

• Flexible Deposit Account – Easy Access Saving Pots – with free access to the account balance (rate up to 0.8% p.a.)
• Fixed Deposit Account – Fixed Saving Pots – access to funds after the end of the deposit (rate of 1.15% p.a.)

Monzo also offers the opportunity to create an unlimited number of savings accounts for different purposes “saving pots” without charging % on the balance. Each Monzo customer automatically receives a free technical overdraft up to £20. The fee for using the technical overdraft is £0.5 per day (up to a maximum of £15.50 per month). If you wish, you can increase your card overdraft to £3,000 on application.

Monzo Fees and Commissions

There are no fees for opening or maintaining a current account with Monzo. Cash withdrawals and any card payments within the UK will be free of fees. Card payments outside the UK will also be fee-free and currency conversions will be made at Mastercard’s standard exchange rate – with no additional fees.

• ATM withdrawals in the UK – free of charge (Cash withdrawal limits £400 per day and £5,500 per month)
• Cash withdrawals abroad – the first £200 during the month is free of charge. After that a 3% fee will be charged on each withdrawal
• Cash top-ups – You can top up your account at PayPoints. The fee is £1 per transaction. You can deposit up to £300 per day and up to £1,000 every six months
• In addition, if you have an overdraft on your card (spending over your balance), you will be charged a fee of £0.5 per day (up to a maximum of £15.50 per month).

There will also be fees if you send an international money transfer abroad. Monzo has integrated Transferwise features into its international payments app, allowing you to convert currency when sending a transfer at the real mid-market rate. Monzo offers an overdraft service that you can activate in the app. Enter your address, income and Monzo will perform its own credit scoring and set an overdraft limit. The limit will depend on your salary and credit history and can be up to £3,000. The annual overdraft interest rate can be 19%, 29% or 39% depending on your credit rating.

Monzo Security

Monzo Bank Ltd has been granted a licence in the UK by the PRA (Prudential Regulation Authority) and is regulated by the Financial Conduct Authority (FCA). Funds in customer accounts with the bank are protected by the Monzo Deposit Compensation Scheme (FSCS) up to £85,000. If you use a joint account, the compensation limit will be increased to £170,000 . Monzo has been voted the best bank by Which.co.uk and has received an excellent rating of 4.5/5 stars on customer review siteTruxtrilot.

Monzo’s competitors

Is Monzo the best solution among mobile neo-banks? It’s enough to compare offers from major competitors to make a final choice:

• • If you are European and in the US – only N26 or Monzo are available to you
  • Revolut imposes an additional commission of 1% for currency conversions on weekends
  • If you frequently send international transfers – the TransferWise card will be the best choice

Monzo’s main competitor is Revolut, which offers a free bank account in one of 10 currencies, free transfers at interbank rates in 23 currencies and free cash withdrawals from ATMs up to £200 per month with a 2% fee, which is slightly more favourable than Monzo. Revolut also offers the ability to buy Bitcoin, Litecoin and Ethereum cryptocurrency, as well as shares in leading global companies via the Revolut app. The second competitor is the Borderles Account multi-currency card from TransferWise. Tariffs are similar to Revolut card in many respects, but TransferWise allows you to send international transfers to more than 170 countries of the world, and the conversion takes place at the average market rate. And the main plus – the Transferwise card is available outside the UK.

Monzo App mobile app

Monzo boasts a really very handy mobile app that makes it easy to manage and monitor your daily spending. The app itself has a few main tabs “Home” – displays your account balance and the amount of money you’ve spent today. All expenses are listed in chronological order and more detailed information such as shop address, payment history, receipts and notes are available for each item. “Summary” is a summary of the monthly budget. Expenses are broken down into twelve categories: general, transport, groceries, catering, hygiene products, utility bills, finance, entertainment, expenses, family and holidays. Each payment is automatically entered into the correct section and at the end of each month you can see how much you have spent on each expense item.

bank account (BIC code of the bank, sort code, account number) and card management (pin code change, card blocking…). “Payments” – tool for sending domestic and international payments.

Monzo Plus

Monzo Plus is a premium option that became available in 2019.  Monzo Plus tariff users will be able to access broadband, life and property insurance, mobile device insurance etc.) If you’re a frequent traveller, the Monzo Plus service will make it easy to set up travel medical insurance ( costing £4 per month) via the mobile app. The tariff package also includes a free six-month membership to Jack’s Flight Club and free access to airport lounges. Monzo Plus subscribers can also take part in the company’s exclusive events in London and will be able to choose a personalised design for their cards. The Monzo Plus ‘early bird’ offer will cost customers an extra £3 per month for the first year of the programme, and £6 per month from the second year.

Summary

Monzo is definitely one of the most popular mobile banks for opening an account in the UK, and for good reason. The service is very easy to use and set up, and the mobile app for account management is as user-friendly and intuitive as possible. The bank’s only perceived drawback is the £200 limit on free cash withdrawals from ATMs abroad. For most Monzo users this isn’t a problem, but if you’re often travelling to places where payments are still made in cash, it’s worth considering alternative offers such as the German bank’s N26 card or TransferWise.

In case of launching a fintech company in Europe, lawyers from Regulated United Europe can help with obtaining a financial licence like (Monzo, N26 or TransferWise) and also provide intermediary services in buying a ready-made company with Electronic Money Institution license in Europe.