Monzo has received a full banking license from the Bank of England's Prudential Regulation Authority and the Financial Conduct Authority; the licensing follows new fundraising that meets the banking capital requirements; it now plans to launch a current account and a current account overdraft product. Source
Monzo's CEO talks about the digital bank's growing business in an interview with TechCrunch; the firm was recently granted a UK banking license with some restrictions; the digital bank has 100,000 users with activity driven by pre-paid Mastercards and mobile applications; Tom Blomfield gives his perspective on the fintech banking market and new PSD2 regulations; Blomfield also confirmed Monzo has already turned down an acquisition offer from a major bank. Source
The CEO of Monzo, Tom Blomfield, has warned that losses at the digital bank this year will continue to mount...
As was rumored last month Monzo has confirmed it has closed a new £60 million round of funding at a...
Monzo has added the first batch of partnerships to their marketplace by striking deals with digital wealth investment accounts and online lenders; companies include Scalable Capital, Wealthify, Wealthsimple, WiseAlpha, Zopa, Bricklane.com and Octopus Choice; Monzo will not be making a commission from any of these agreements; the company has also opened up an interim third-party API to comply with open banking regulations. Source.
Monzo has officially launched their first product for businesses; the bank has shared that they hope to be profitable in...
UK digital bank Monzo is reportedly laying off 120 staff due to the challenges of the current economic situation; this...
UK digital bank Monzo is nearing completion of a new funding round that will add 20 to 30 million British pounds in capital for the firm; the investment round is being led by Thrive Capital; sources also report that the firm is planning an equity crowdfunding campaign later in the year; Monzo is led by CEO Tom Blomfield and the firm was granted a UK banking license in August 2016; it currently has 100,000 users with activity driven by pre-paid Mastercards and mobile applications; the firm recently declined an acquisition offer from an incumbent bank and says it still has a lot it plans to accomplish. Source
UK based Digital Bank Monzo is planning a crowdfunding round to give customers a greater share of ownership; the round will look to raise between $13mn and $40mn; while they will use the round for hiring it is meant to provide customers “a genuine sense of ownership”; the crowdfunding round follows the recent $94mn private equity backed fundraising. Source.
UK based digital bank Monzo has raised a $143mn series F round as the company gets set to launch in...