Careers at Monzo
Monzo’s mission is to provide you with an alternative to the banking of the past.
Initially ‘Mondo’, Monzo is a U.K. based digital, mobile-only bank founded in February 2015 and launched in October of the same year by five radical visionaries who want to change how we perceive and experience banking in the 21st Century. These founders are Tom Blomfield, the current CEO, Jonas Huckestein, Paul Rippon, Jason Bates, and Gary Dolman.
Shortly after formation, the Company experienced its first road bump when the name Mondo was legally disputed by an undisclosed company bearing a similar name. Mondo then called to the public to forward new name suggestions for the Company and in August 2016, Mondo officially became Monzo.
Monzo founders set out to establish the best bank in the world and decided to create the world’s very first smartphone-based bank. Monzo would achieve this by linking a high-tech banking app that they would create and Monzo’s very own MasterCard prepaid debit card. The card allows users to load money onto the card and to spend it in retail and online shops as well as at ATMs.
The Monzo MasterCard also works with Near-Field-Communication (NFC) technology at contactless terminals. Monzo has released their mobile apps on both iOS and Android App stores. All payments made with the Monzo MaterCards will trigger notifications in real-time on the phones running the application. Users will also have the option to categorize transactions, freeze their cards if they lose them, or access a statement of all their transactions and spending trends, among other services.
In June 2015, Monzo received £2 million in seed funding from Jeremey Yap and Passion Capital and in February 2016, the Company received a further £5 million from Passion Capital. In March 2016, Monzo received £1 million through Equity Crowdfunding in one of the fastest crowdfunding efforts in the U.K. Finally, in October 2016 Monzo received further funding to the tune of £4.8 million from Passion Capital.
Despite the fact that Monzo is not a licensed bank and cannot offer financial services just yet, applications for authorization are already underway, with the Company intending to be a fully accredited bank within the following year. The Company has promised to revolutionize not only how we perceive banking in this age but also how we monitor our spending habits. The Company currently has over 6,000 subscribers following up on the app at its beta stage and a further 100,000 users on the waiting list.
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