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When a bank is described as “phenomenally impressive”, “caring” and “elegant”, you can usually assume that you are reading a promotional brochure. Not so at Monzo. The Twitter timeline is full of exuberant and spontaneous declarations of love from an enthusiastic clientele. The house is currently in Great Britain for excitement. The financiers in London business district pursue with great interest – and with growing concern – start-up that some consider to be “Bank of Future”.
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Those who use Monzo do so essentially through a card that works like a normal debit card and with which you can also pay for purchases. The money is debited from Monzo checking account, transfers are done via app, and app also lists all revenue and expense book.
Sean Patterson has been a staunch Monzo customer for one and a half years. Above all, he appreciates clarity and straightforward way to manage finances. “I’m very bad at budgeting, and I put my account on a regular basis at end of month,” says 33-year-old Londoner, who works in online marketing. “I never know exactly how much money I have at my disposal and how much I spend for what.” With Monzo, it’s easier for him. All issues would be listed in app and categorized — lunch, transportation, or Amazon orders. “So I immediately see how high my balance is and where I might spend a little less.” He still has his salary transferred to his old account, but he is considering his entire finances on Monzo move.
Patterson follows a trend. The start-up has now 650,000 customers, far more than or online banks; Especially in second half of last year it grew rapidly. When Monzo was founded three years ago, it was not yet a bank: company initially offered only credit cards – n like today’s glaring coral – which could be recharged with a credit. The associated app listed real-time and output. In addition, you could withdraw money with card abroad free of charge.
In spring of 2016, Monzo n took care of a Crowdfunding campaign worldwide. Within just 96 seconds, financiers had contributed a million pounds. Monzo also received a full banking license. Since last year, customers have now been able to open classic checking accounts. Meanwhile, Monzo is a real house.
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However, a visit to headquarters does not lead to City of London, traditional financial district, nor to Canary Wharf, where many major banks have ir offices. Instead, Monzo has its offices in Old Street, station of London technology and start-up scene. In cafeteria on first floor, young employees are leaning over laptops; The average age of over 300 employees is around 28 years, says marketing manager Courtney Lee. On wall, company logo shines in neon shining letters.
Jonas Hucke Stein, co-founder and technical director of Monzo, walks through swing door and stands re like anti-banker in person: crumpled shirt, shorts and sandals, long hair tied to an uncombed knot. The 29-year-old comes from Cologne, but has been working for so long in engineering industry – previously in Silicon Valley in California – that he prefers to speak English about his work. Actually, he just wanted to stay with Monzo for a short time, says Hucken Stein: “Tom Blomfield (co-founder and CEO) and I had plan to go to Chile, learn Spanish and work on smaller software projects.” But just before y wanted to go, Blomfield called at Hucken Stein and said re was an opportunity to open a bank in London – something he always wanted to do. He asked Hucke Stein to join him. “I said I would help him for three months and n go to Chile as planned. That was four years ago, and I’m still here. “
Every start-up company dreams of getting out of big one day. Hucken Stein believes that Monzo has potential to become a global company one day, like Facebook, Instagram or operating systems like Android. “These products are getting better more users y have, and we now see this effect in financial sector, especially with banks.”
