Monzo, still operating under the beta-stage name Mondo, is building a full-stack, mobile-first bank that currently issues a prepaid Mastercard linked to an iOS app. The app lets users track spending in real time, view geolocated transactions on a map, categorise purchases, and transfer money to other Monzo users. With an open API and several well-attended hackathons, the company is positioning its in-house technology as a key differentiator from legacy banks. Monzo has a 52,000-person waiting list and will ship the first 1,000 cards this week, with thousands more to follow as part of its public beta. The team says the product reflects only 20 % of the functionality planned once a full banking licence is obtained. Future roadmap items include Apple Pay integration, bill splitting, automated loyalty point redemption, and expansion to other European markets. To date the company has raised about £8 million: £7 million from Passion Capital across two investments and £1 million from an equity crowdfunding campaign.

Total raised

$1.2B

Funding rounds

14

Latest round

Equity

Latest activity

May 2024