Monzo Turns Five & Celebrates By Looking Back at Previous Success

UK-based challenger bank Monzo is celebrating its fifth birthday!  Founded in 2015, Monzo stated it is building a new kind of bank that lives on smartphones and is built for its users “live today” by solving their problems, treating them fairly, and being completely transparent.

We’re doing things differently. For too long, banking has been obtuse, complex and opaque. We want to change that and build a bank with everyone, for everyone. Our amazing community suggest features, test the app and give us constant feedback so we can build something everyone loves.”

Speaking about its birthday, the Monzo team stated on Twitter:

Monzo shared more of its successes throughout the years, including noting that over 3.9 million people have a Monzo account, and it has grown our team to 1,500 Monzonautsin offices around the world. The banking platform is now in active beta mode in the U.S. With the Monzo team recently sharing:

We’re focussing on building Monzo for you, so we’re relying on you to tell us what’s most important. Many of you have told us you need a way to divide up your money within your main account, like you have seen on UK Monzo. We hear you loud and clear! Watch out for an exciting update for Monzo Beta in Jan 2020. Being able to build what you want next is our key focus, so we’ll be sharing a 2020 product roadmap with you in January. You’ll be able to comment and vote on what we should do next, and see what we’re already planning. Monzo won’t be Monzo without you, and this roadmap will put your feedback right at the heart of what we do next.”

Monzo has also been successful at securing more funding for its banking platform, with recently raising £113 million through its latest investment this past summer, which was led by Y Combinator Continuity and Latitude. The round of funding reportedly brought Monzo’s valuation to £2 billion. The recent investment came six months after Monzo startup raised £20 million on Crowdcube. The company’s crowdfunding history is shown below:

  • 2016: £1 million raised in 1 minute 36 seconds
  • 2017: £2.3 million raised with the help of over 6,400 investors
  • 2018: £20 million raised in 2 days with the help of 36,000 investors

The company also raised £85 million backed by VCs, giving the “Fintech unicorn” status as it topped the billion-dollar mark in valuation in October 2018.  While speaking about the latest investment, Monzo CEO, Tom Blomfield, stated

“It’s so exciting when amazing investors back our mission to transform banking and make money work for everyone. With more than 2 million customers we’ve come a long way since we started but there’s still a lot more to be done – by listening to our community we’ll keep working hard to deliver the products our customers need to give them better control of their finances.”

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