Monzo

UK-based Monzo provides banking services to both individuals and businesses online and via a mobile app. It has its own banking license and operates under three segments: consumer banking, personal lending, and business banking.

For consumers, it offers free checking accounts and debit cards with features such as P2P payments and no overdraft fees. Its paid plans are priced at GBP 5 (Monzo Plus) and GBP 15 (Monzo Premium) per month that provide additional features such as premium cards, interest on checking accounts, insurance, and virtual cards. Users can also make contactless payments through Apple Pay or Google Pay using a virtual card (launched in November 2021), which is available for transactions over GBP 30 (~USD 40). In addition, it offers automated savings features, whereby it rounds up the cost of any purchases to the nearest pound and saves the change to one of the pots, savings pools created by the customer for specific requirements. Under personal lending, Monzo offers personal loans and overdraft facilities up to GBP 8,000 (~USD 9,110) as well as a BNPL product named Monzo Flex, which allows users to spread their purchases over three, six or twelve months.

Moreover, Monzo offers an investment platform called, Investments (launched in September 2023), allowing customers to create investment pots and invest in three curated funds managed by BlackRock, each associated with varying levels of risk. In addition, Monzo offers travel and insurance services as part of the Monzo Premium account; it also had plans to offer more insurance offerings in the future.

Business clients receive basic features along with free UK bank transfers and digital receipts under the Lite account. They can gain access to additional features such as accounting software integration with Monzo, virtual cards, multi-user accounts, and invoicing management for an additional GBP 5 per month under its Pro account.

Key customers and partnerships

As of March 2024, the company had more than 9 million personal account customers, and around 400,000 business customers. 

Funding and financials

In March 2024, Monzo secured funding worth GBP 340 million (~USD 430 million) at a post-money valuation of GBP 4 billion (~USD 5 billion). The round was led by Capital G (owned by Alphabet), with participation from Google Ventures, HongShan Capital, and existing investors Passion Capital and Tencent. It planned to use the fresh funds to develop its product roadmap and renew and accelerate its efforts to expand into the US market.

In FY 2023 (ending 28 February 2023), Mozo reported a revenue of GBP 355.6 million (~USD 441.8 million; up 130.6 % YoY). Its net loss declined marginally to GBP 116.3 million (~USD 144.5 million) from a loss of GBP 119 million (~USD 165.1 million). However, the company reported achieving profitability in the first two months of FY 2024.