New digital bank Chase has now opened its virtual doors in the UK. Find out more about its free current account.Read more…
With a valuation of £1.25 billion, Monzo is one of Britain's biggest startups to date.
On the tube, in the restaurant or at the gym, it seems like everyone’s got one of Monzo’s coral cards these days. But what are the statistics behind the company that seems to be shaking up the retail banking industry?
Monzo is a fintech challenger bank with the aim of making money work for everyone. It provides a debit card and an app that has revolutionised personal banking. The app is jam-packed with amazing features, including a normal current account, an integrated savings account, a salary sorter, spending budgets, savings pots, instant spending notification and free cash withdrawals abroad.
- Who founded Monzo? Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman in 2015.
- Where are Monzo’s headquarters? Monzo is headquartered in London, with offices in Cardiff, Las Vegas and Los Angeles.
- How much funding does Monzo have? Monzo’s total funding as of 2020 is close to £373 million.
- How much revenue does Monzo make? Monzo made £40 million in revenue in FY 2019 (based on May 2019 revenue).
- What is Monzo’s valuation? Monzo has a £1.25 billion market valuation, a drop of £750 million from 2019 due to COVID-19.
- What’s the average deposit? The average deposit in a Monzo account is £359, meaning that most people use Monzo as a second bank account.
- Who uses Monzo? 72% of all of Monzo’s customers are under 34 years old.
- Has Monzo ever won any awards? Among other prizes, such as being named the most sought-after startup in the UK by LinkedIn, Monzo was named the UK’s most recommended brand by YouGov in 2019.
Monzo’s growth over time
Following in the footsteps of many other young startups keen for growth, Monzo began raising money via a crowdfunding campaign. Calling the campaign a success would be somewhat of an understatement, as it reached its goal of £1 million in just 96 seconds. The company has been growing rapidly ever since and recently made the news for doubling its valuation in just eight months to over £2 billion, making it one of Britain’s biggest startups to date.
Monzo launched in 2015 with a prepaid account and 5,000 “Alpha Cards”. It then hit the ground running with its successful 96-second crowdfunding campaign in 2016. Since then, the challenger bank has secured further funding each year and has rapidly increased its customer base.
Monzo is expected to surpass 5 million customers by this time next year
Starting with just over a million customers last January, as of today, over 3.9 million users have opened an account with the challenger bank. The company is expecting 200,000 new users per month and numbers continue to grow.
|Year||Number of users|
|Sep 2020 (proj)||4,500,000|
|Feb 2021 (proj)||5,000,000|
In terms of customers, Monzo is the third-largest challenger bank, while only operating in the UK
|Bank||Number of users|
|Starling Bank||1.5 million|
Monzo’s investment and funding
Monzo’s fundraising rounds have amassed £384.7 million in total since they started. The company has 29 investors, with its main support a staggering £113 million coming from a group of investors led by Y Combinator. The US-based investment firm is best known for also backing Airbnb, Dropbox and Reddit.
This newly found support has allowed Monzo to leapfrog rival Revolut and become the second most valuable fintech startup in the UK. The company has also raised a significant chunk of its funding from a series of crowdfunding rounds, which have been a key component of its success, especially at the beginning. The second and third crowdfunding rounds dwarfed the first one, raising £12 million and £20 million respectively in record time.
Monzo’s valuation 2016-2020
Monzo’s valuation started at £50 million in 2016, and is currently anticipated to be £1.25 billion in 2020. The company struggled due to COVID-19, which created a valuation drop of £75 million between 2019 and 2020. In 2019, the company was valued at £2 billion and annual revenue was £40 million.
Monzo, founded 2015, is one of only 18 “unicorns” in the UK
- Monzo, 2015
- BenevolentAI, 2013
- Oxford Nanopore, 2005
- The Hut Group, 2008
- BrewDog, 2006
- Deliveroo, 2012
- OakNorth, 2013
- Wise, 2010
- Revolut, 2014
- Improbable, 2012
- Darktrace, 2013
- Graphcore, 2016
- Ovo Energy, 2009
- Checkout.com, 2012
- babylon, 2013
- CMR Surgical, 2014
- Snyk, 2015
- Gymshark, 2012
The company has grown internally too, expanding from 500 to 1,500 “Monzonauts” this year, with offices in London and Las Vegas. Due to COVID-19, the company closed their branch in Las Vegas in 2020. Some of the key figures at Monzo are:
- Tom Blomfield: President (formerly CEO) and co-founder
- Jonas Templestein: CTO and co-founder
- Gary Hoffman: Chair in Board of Directors
- TS Anil: CEO and executive director
- Alwyn Jones: CFO and executive director
- Sujata Bhatia: COO
- Mike Hudack: CPO
Monzo office locations
- London, UK
- Cardiff, UK
- Consultancy UK
- Business of Apps
Click here for more research. For all media enquiries, please contact
Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.Read more…
UK consumers will soon be able to use contactless cards for in-store purchases worth more than the current £45 limit.Read more…
Bunq has a number of different business accounts to compare. Here, we look at them in more detail.Read more…
New to Chip? See if you can keep some more money in your pocket with our promo codes and special offers.Read more…
Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees.Read more…
More guides on Finder
Monzo review: Is it worth it?
Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.
Legal cannabis industry forecast
From 2018 to 2021, over $2.5 billion has been invested into cannabis startups. The global legal cannabis industry is expected to reach $43 billion in 2025. Read on for the financial forecast of this industry.
Ethereum (ETH) price prediction 2021
What affects the value of Ethereum (ETH) and how might the price of ETH fluctuate in the year ahead? Find out in this comprehensive guide.
Does the UK know how much it needs to save up for retirement?
Finder’s Bitcoin Predictions Report: December 2020
We asked 47 experts for their cryptocurrency price predictions and took a deep dive into the Bitcoin price rally.
Car accident claims: when do Brits claim on their insurance?
The average British driver wouldn’t claim for damage under £667, but how does this differ by region, age and gender? We’ve done the research to find out.
Cryptocurrency statistics 2021
We explore the latest statistics in the world of cryptocurrency, including who is and isn’t buying cryptocurrency and how much they’re investing.
The Elon Effect: Elon Musk’s twitter activity that boosted (or crashed) the prices of stocks and crypto
Elon Musk’s influential Twitter activity has shifted the value of several companies and cryptocurrencies by almost $12 billion on average.
Parking fines: Which UK city issues the most tickets?
Are you driving to do your Christmas shopping this year? Find out which city issues the most parking fines during the festive season.
Buying vs renting: Which is cheaper?
What are the average rent and mortgage costs in the UK? We’ve done the calculations to help you decide which is the more worthwhile investment.
Ask an Expert