Digital Banking

U.K.-Based Monzo Cautiously Optimistic About New Accounts

After a stumble in its card payments, which we reported on in last week’s news cycle, U.K.-based Monzo is moving forward with its next rollout phase.

Currently, digital banking firm Monzo has rolled out the first 92 of 20,000 limited edition accounts. Over the course of the next three months, Monzo is planning to complete the remaining account activations.

Although the company is hoping for users to help enhance the offering through feedback before the accounts are fully actualized, there are various missing variants that would likely be beneficial for standard financial institutions. Monzo does not have a P2P payments offering, usual business hour customer support, temporary debit cards or an app for the pre-paid card.

The iOS-only, faster payments-focused Monzo highlighted in a recent blog post that it is working swiftly to enable the remaining missing elements.

“We’re working hard to bring all of these features over to the current account as soon as we can. We plan to have everything ready when we launch fully later this year. Remember, this is not the finished product and so only register if you’re happy to use it with the limitations outlined above.”

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