Monzo Bank

About Monzo Bank

Monzo was founded in 2015 as Mondo by Tom Blomfield, a former Starling Bank executive. Monzo launched as a prepaid card before obtaining a full banking license in 2017. The distinctive hot coral debit cards became a cultural phenomenon among young Londoners. Monzo grew to over 9 million customers. The bank pioneered real time notifications, fee free foreign spending, and savings pots. Monzo raised over 100 million through crowdfunding from customers. The bank struggled with money laundering controls, attracting scrutiny from the Financial Conduct Authority. Monzo launched in the US in 2022. The bank represents the UK challenger bank movement alongside Starling, Revolut, and Atom Bank. Monzo achieved profitability in 2024.