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Monzo
Monzo Bank Limited, trading as Monzo (/ˈmɒnzoʊ/), is a British online bank based in London. Monzo launched as part of a wave of app-based challenger banks entering the UK market.
Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. As of August 2025, Monzo reported having more than 12.5 million personal banking customers. Their most recent financial results, issued in June 2025, showed an annual net profit of £94.5 million (an increase from the £8.7 million in the previous year) on revenue of £1.2B.
Monzo Bank was founded as Mondo in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman. The team originally met whilst working at Starling Bank. In February 2016, Monzo set the record for "quickest crowd-funding campaign in history" when it raised £1 million in 96 seconds via the Crowdcube investment platform.
On 15 May 2016, Monzo was named the 59th top startup in Startups.co.uk's annual Startups 100 ranking.
On 13 June 2016, a company blog post announced that the "Mondo" trademark had been legally challenged by an undisclosed company with a similar name. As a result, a naming suggestion contest was organised and the new name, "Monzo", was registered at Companies House under the legal name "Monzo Bank Ltd" in August 2016.
On 16 May 2017, Monzo announced that over £250 million had been spent through its prepaid card, between 200,000 customers.
In April 2017, Monzo was granted its full banking licence by the Prudential Regulation Authority and the Financial Conduct Authority, having previously operated under a restricted banking licence. The full licence allowed Monzo to provide its customers with current accounts, who up until that point were only able to be offered pre-paid debit cards.
Monzo's full current account was launched in October 2017, with its pre-paid card users being asked to move to its new current account. By April 2018, it was reported to have 500,000 current account customers.
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Monzo
Monzo Bank Limited, trading as Monzo (/ˈmɒnzoʊ/), is a British online bank based in London. Monzo launched as part of a wave of app-based challenger banks entering the UK market.
Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. As of August 2025, Monzo reported having more than 12.5 million personal banking customers. Their most recent financial results, issued in June 2025, showed an annual net profit of £94.5 million (an increase from the £8.7 million in the previous year) on revenue of £1.2B.
Monzo Bank was founded as Mondo in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman. The team originally met whilst working at Starling Bank. In February 2016, Monzo set the record for "quickest crowd-funding campaign in history" when it raised £1 million in 96 seconds via the Crowdcube investment platform.
On 15 May 2016, Monzo was named the 59th top startup in Startups.co.uk's annual Startups 100 ranking.
On 13 June 2016, a company blog post announced that the "Mondo" trademark had been legally challenged by an undisclosed company with a similar name. As a result, a naming suggestion contest was organised and the new name, "Monzo", was registered at Companies House under the legal name "Monzo Bank Ltd" in August 2016.
On 16 May 2017, Monzo announced that over £250 million had been spent through its prepaid card, between 200,000 customers.
In April 2017, Monzo was granted its full banking licence by the Prudential Regulation Authority and the Financial Conduct Authority, having previously operated under a restricted banking licence. The full licence allowed Monzo to provide its customers with current accounts, who up until that point were only able to be offered pre-paid debit cards.
Monzo's full current account was launched in October 2017, with its pre-paid card users being asked to move to its new current account. By April 2018, it was reported to have 500,000 current account customers.