Monzo was founded in 2015 by Tom Blomfield, Jonas Huckestein, Jason Sherwin, Gary Dolman, and Paul Rippon. It started as a prepaid card called Mondo (renamed for trademark reasons) and quickly attracted a devoted fanbase through a crowdfunding campaign that raised $1 million in 96 seconds.
Unlike many neobanks that partner with existing banks, Monzo holds its own UK banking license, granted in 2017. That means it’s fully regulated by the FCA and PRA, and deposits are protected by the FSCS up to 85,000 pounds.
Monzo’s core features include instant spending notifications, built-in budgeting with spending categories, fee-free spending abroad, salary sorting (automatic bill splitting when you get paid), shared tabs, and savings pots with interest. The distinctive coral-colored debit card became something of a cultural marker in the UK.
The company went through a rough patch during COVID-19 — its valuation dropped, and Blomfield stepped down as CEO. But under new CEO TS Anil, Monzo turned things around dramatically. The bank hit profitability for the first time in 2023, reporting pre-tax profits of over 15 million pounds. By 2024, it had over 9 million UK customers.
Monzo has expanded into business banking with Monzo Business and launched Monzo Plus and Monzo Premium paid tiers. The company also entered the US market, though growth there has been slower. Monzo is headquartered in London.
