Monzo Looks Back on 2018 Successes & Announces 2019 Goals

Just days after ringing in the new year, UK challenger bank Monzo took a look back at all of its successes throughout 2018. The fintech unicorn hit various milestones throughout the past twelve months, including quickly securing £20 million through its most recent crowdfunding round and attracting more and more customers. Speaking about the success, Monzo’s CEO and Co-Founder, Tom Blomfield revealed in a blog post:

“2018 has been a fantastic year for Monzo. We started the year with most people still on the ‘beta’ programme (our prepaid card scheme), which seems like a lifetime ago. But 94% of people came with us to open full UK current accounts, and since then we’ve gone from strength to strength. We’ve launched lots of new features, like joint accounts, Apple Pay, international payments through TransferWise, savings accounts with Investec, bill splitting and Shared Tabs. And we’ve brought in new things that signal a change in the banking industry, like our gambling block, or our industry-first integration with IFTTT.”

Blomfield also noted that Monzo now has more than one million customers, and the company has grown from around 200 to over 500 staff. He then stated what he and his team expect for the new year:

“We’ve spent the last four years building a bank alongside our community of customers, aiming to solve real problems in an empathetic, transparent, ethical way. In 2019, we’ll maintain that, and strengthen it, and keep listening to your feedback to make sure Monzo is always giving you what you need. We’ve heard calls for business banking, and that’s something we’re planning to launch later this year. But we didn’t set out just to be the best bank in the UK. We set out to make money work for everyone. In terms of achieving that mission, we’re only at the starting line.”

Blomfield went on to add that Monzo will be launching a range of smart integrations to help make user’s money work.

“If you’re saving or investing, Monzo will make it feel effortless. And if you’re borrowing, you’ll be able to do so in a way that’s fair, transparent and affordable. As ever, your ideas and feedback are absolutely crucial. Some things we try won’t work, but some will hopefully revolutionise how people interact with their money, and how they feel about their finances.”

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