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Monzo
Monzo Bank is a digital, mobile-only bank based in the U.K. It was originally operated through a mobile app and a prepaid debit card. In April 2017, its U.K. banking license restrictions were lifted, enabling it to offer a current account.
Monzo Raises $80 Million At Lower $1.6 Billion Valuation
December 2, 2020
U.K. challenger bank Monzo has closed a funding round with another 60 million pounds ($80.3 million), the same amount as its last funding round from June, TechCrunch reported.
Monzo has now ...Latest Digital Banking App Ranking Holds Some Surprises
October 20, 2020
We’d hate to spoil the surprise .. so we won’t. Or perhaps it’s more accurate to say “they” didn’t spoil the surprise. Who are “they?” They are the brands tracked ...Bank Of England Ups Monzo’s Capital Requirements
August 6, 2020
Monzo Bank Ltd, the London-based online bank, must now have a capital worth of 13.6 percent of its risk-weighted assets to guard against potential losses.
The Financial Times (FT) reported the ...Monzo CEO Hopes New Accounts Can Blunt Pandemic’s Impact
July 30, 2020
New Monzo CEO TS Anil said the U.K. company, badly damaged by the pandemic, is hinging on new products to survive, the Financial Times (FT) reported.
Anil maintained that the group, ...Monzo Launches New Premium Consumer Banking Accounts
July 16, 2020
U.K. digital bank Monzo is taking another crack at offering premium online consumer banking accounts with features designed to help account holders create — and abide by — budgets.
The new ...'Down' Rounds And Investor Caution — Blip Or Trend?
July 7, 2020
The stock market swings can be confusing.
Public (retail) investors have been, generally speaking, bidding up shares, seemingly shrugging off the lingering impacts of economic headwinds and the pandemic.
A series of ...Monzo Sees 40 Percent Drop In Valuation In VC Deal
June 16, 2020
Online U.K. bank Monzo, fresh off a round of layoffs, has taken a major hit from the coronavirus pandemic, as shown by a funding valuation that is 40 percent lower ...Digital Banks Solid In Latest Provider Rankings
June 10, 2020
App-based digital challenger banks have been solidifying and expanding customer bases ever since COVID came to town. And while PYMNTS’ latest Provider Ranking of Digital Banking Apps shows consistency at ...Monzo To Cut 120 Jobs Due To Pandemic Fallout
June 3, 2020
U.K. digital bank Monzo will cut 120 jobs due to the impact of the coronavirus, Reuters reports.
The news came from an internal note from the bank seen by the news ...Deep Dive: Legacy Banks And The Infrastructure Stumbling Blocks Keeping Them From The Cloud
June 2, 2020
An expanding number of challenger banks have eschewed the industry’s traditionally slow and steady innovation approach.
These banks are offering digital or mobile-only platforms powered by cutting-edge technologies like artificial intelligence ...With Startup Valuations Down, VC Firms Seek Deals
May 26, 2020
With valuations sinking, startups are becoming reticent to fundraise like normal. But venture capital firms, seeing the lower prices, are becoming more aggressive on buying amid the weak markets right ...Monzo Closes In On New Funding As Valuation Plunges 40 Pct
May 15, 2020
London FinTech unicorn Monzo is closing in on a new funding round as it faces a near 40 percent drop in valuation due to coronavirus pandemic economic fallout, according to ...Monzo Ahead Of Revolut For US Banking License
April 24, 2020
Monzo Bank Ltd., the British digital bank, has taken the next step to expand into the U.S. market, where it has already done some testing.
The five-year-old London-based startup, which has ...London's Monzo CEO To Forgo Salary As Workers Face Furlough
March 31, 2020
The 34-year-old top executive of digital bank Monzo will give up his salary for a year, while senior staffers take a 25 percent pay cut.
In a memo leaked to TechCrunch ...Monzo's Business Banking Account Offering Goes Live
March 17, 2020
U.K. challenger bank Monzo has launched business bank accounts this week after a year-long trial period in which 2,500 customers got early access, according to a TechCrunch report.
There will be two ...Digital Banking Apps Vs The Establishment
February 25, 2020
Dubbed “challenger banks” for shaking up the status quo of banking as we’ve always known it, digital banks with awesome apps are the FinTech alternative to more staid financial institutions ...N26's UK Customers Scramble After Bank's Exit
February 18, 2020
Online bank N26‘s decision to exit the U.K. has customers feeling left behind, CNBC reported. The Berlin-based digital bank said it would not be able to operate in the country ...Monzo Hopes For Profit, New Digital Accounts And Hires
February 17, 2020
British digital bank Monzo, expanding fast, wants to hire up to 500 people and (hopefully) reach 5.5 million users this year. The bank is also preparing to try charging customers ...Monzo Courts SoftBank As Part Of £100M Capital Raise
January 27, 2020
British banking unicorn Monzo is in talks with Japanese investment conglomerate SoftBank for financial assistance in its growth plans into the U.S. Monzo Co-founder Tom Blomfield sat down with senior ...Monzo’s Cash Burn Sets Stage For Big Capital Raise In 2020
December 29, 2019
As online banking continues rapidly evolving, ahead of another anticipated round of funding next year, digital challenger bank Monzo remains in discussions to secure as much as £100m in upcoming ...Top News In Payments: Wells Fargo Appoints COO; Visa Names New Partners To Help FinTechs
December 3, 2019
In today’s top payments news, Wells Fargo has selected former Santander head executive Scott Powell to be its new chief operating officer. Also, Visa is working with four global finance firms to help FinTechs ...UK Digital Bank Monzo Taps Visa Exec As US CEO
December 3, 2019
London’s digital unicorn Monzo has appointed TS Anil to head U.S. operations as chief executive officer (CEO), Monzo said in a press release on Tuesday (Dec. 2).
Anil was the global ...Top News In Payments: UK Challenger Banks Struggle To Thrive, Amazon Wants To Expand Go Tech
October 1, 2019
Today in the payments news roundup, challenger banks in the U.K. are having a difficult time competing with the country’s big four financial institutions. Also, Amazon wants to take its cashier-free Go technology to ...UK Challenger Banks Struggle To Compete
September 30, 2019
Challenger banks in the U.K. are having a hard time competing with the country’s big four financial institutions.
While challengers such as Metro Bank, Santander and Monzo were expected to put ...Digital Banking, With Millennial, Mobile – And Governmental – Tailwinds
September 11, 2019
Kill the check. Shutter the branch. Make that leather wallet a mobile one, wielded on smartphones.
The push toward digital banking seems an inexorable one, with the technology and demographics acting as tailwinds, ...Trending: FIs Use AI To Challenge Challenger Banks
August 21, 2019
Legacy banks have their work cut out for them if they want to survive another century as key players in the digital banking world.
European challenger banks like Monzo and N26 ...Monzo Gets Into Lending
August 15, 2019
Monzo, an online bank out of London, has added loans to its menu of services, the Financial Times reported on Thursday (Aug. 15).
Current customers in the U.K. can apply for loans ...Monzo Security Flaw Affects 500K Customers
August 5, 2019
Monzo, one of the world’s largest digital banks, discovered a security flaw and is now asking half-million of its customers to change their personal identification numbers (PINs), TechCrunch reported on ...Monzo's Valuation Now At £2 Billion
June 25, 2019
Monzo, a London-based digital bank, has raised £113m in new funding as of this week, bringing the firm’s total valuation to £2 billion at the early outset of its expansion ...In UK, FinTech Alliance Launches
June 18, 2019
Collaborative efforts between FinTech firms and traditional financial firms continue to gather steam. In the U.K., the FinTech Alliance debuted with more than 500 members. Elsewhere, Monzo crosses the Pond, ...UK Digital Bank Monzo Crosses Pond To US
June 13, 2019
Digital bank Monzo, based in the United Kingdom, is crossing the pond.
Reuters reports that the company has reached U.S. shores, debuting with what is being termed a “limited rollout” of ...Revolut FinTech Gets Twice The Complaints Of Rival Monzo
May 27, 2019
Revolut, the U.K. FinTech, has more than double the complaints from customers that rival Monzo received during the years between 2015 and 2018.
The Financial Times, citing the Financial Ombudsman Service, ...B2B Venture Capital Spans SMB Banking, V-Cards, Global Payments And More
April 12, 2019
Investors backed a range of B2B FinTechs this week operating in areas including accounting, cross-border payments, virtual cards, expense management, cybersecurity and more. In total, more than $68 million in ...Monzo Bank Valuation To Reach £2bn With US Investment
April 8, 2019U.K. digital bank Monzo is set to raise new funds that could double its valuation to £2 billion, making it the second-largest FinTech startup in Britain.
According to The Guardian, Monzo ...UK Digital Bank Monzo Eyes Expansion, Tests SMB Accounts
February 11, 2019
Monzo, a digital bank out of London, wants to expand past just mobile-based personal banking customers to small and medium-sized businesses (SMBs).
“This week, we’re excited to announce that we’re ...FinTechs Raised A Record $39.57B In VC Funding Last Year
January 29, 2019
Financial technology startups were able to raise $39.57 billion in venture funding last year, marking a 120 percent increase from 2017.
Reuters, citing data from CB Insights, reported the funding was ...Online Bank Tandem Mulls IPO
January 17, 2019
Digital bank Tandem has revealed plans to go public within the next five years. The U.K. bank said an initial public offering (IPO) would “make sense,” and there was “clearly ...Monzo Reaches Unicorn Status With $1.3B Valuation
October 31, 2018Monzo, the U.K. mobile-only bank, now has a valuation of $1.3 billion, pushing the startup into unicorn status.
Reuters, citing Monzo, reported the mobile bank said Wednesday (October 31) that it ...FinTech Firms Courted Abroad, Legal Spat Marks US Bank Charters
September 18, 2018
From Abu Dhabi to Singapore, government efforts are underway to court FI/FinTech collaborations. In NY, salvos of lawsuits are being lobbed over FinTech banking charters. Also, Open Banking via API ...Monzo To Reach Unicorn Status With Fresh Round Of Funding
August 17, 2018
Monzo, the U.K. digital bank, is on track to become the next European FinTech startup to reach unicorn status.
According to a report in the Financial Times, with a new round ...