Breaking the traditional banking model, Monzo is making money work for everyone
SAN FRANCISCO, (June 13, 2019) — Monzo (monzo.com/usa) – the British digital bank valued at over $1B – today announced the initial roll-out of its wildly successful financial app and connected Mastercard debit card in the US market. The first few thousand cards will be available via in-person sign ups at events which they’ll announce by email. Sign up to be added to the waitlist at monzo.com/usa and follow them on Twitter to learn about events in your area.
Monzo will work with US users who want to revolutionize personal finance through a community approach that includes best-in-class customer support, transparency, fairness, lack of fees and an all-around customer-centric approach.
Monzo CEO Tom Blomfield: “When it comes to consumer apps, banks are at least a decade behind the ease and feature-set of a Lyft or an Airbnb, not to mention sloth-like and unimaginative when compared to the innovation cycle in the apps we use every day. With Monzo, we aim to make money work for everyone by working with our community of users to build things that work for them.”
Monzo has more than two million users in the UK and is adding 200k each month. The company is aiming to build similar momentum in the US by building a grassroots movement, working with users to build an account they’d be proud to call their own. As a result, Monzo’s US app will be different from the UK version as its design and features will rely heavily on US-specific user feedback. Based on this, Monzo will develop the US version into a fully-featured digital account that can be accessed from a smartphone and will have the ability to extend into new Monzo and third-party financial services.
Blomfield continued: “We do the heavy lifting of traditional banking by acting as a powerful financial control hub for all your personal finances. And perhaps more importantly, we bring the speed and agility of a startup to build a solution that best serves our Monzo community.”
Monzo plans to build and own as much of its technology stack as possible, as they do in the UK. That will give the company flexibility to react to changes in user behavior and demands and roll out new functionality in hours and days, rather than weeks and months.
Founded in the UK in early 2015, Monzo’s mission is to make money work for everyone. By focusing on solving people’s actual problems, rather than selling financial products, they want to put people back in control of their finances. Current and previous investors include Passion Capital, Thrive Capital, Goodwater Capital, Accel, and General Catalyst.