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Monzo Bank Limited, trading as Monzo (/ ˈ m ɒ n z oʊ /), is a British online bank based in London, England. [4] Monzo was one of the earliest of a number of new app-based challenger banks in the UK.
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The new Monzo Plus was heavy on travel perks, but with travel restrictions and lockdown policies in much of the world, product-market fit was abruptly left wanting.
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App-based bank offering savings and mortgages. No Allica Bank: 2019 Full-service challenger bank focused specifically on established SMEs. Business Monzo [12] 2016 One of the early app-based banks, Monzo has 9.3 million customers as of June, 2024. Yes Metro Bank [13] 2010 The first high street bank to launch in the UK in over 150 years.
Digital bank Monzo, whose distinctive coral-coloured card has become a common feature in the wallets of young, tech savvy and mainly urban Britons, could hit 1 million users within months.
The bank offers a range of limited personal and business banking services through its mobile app including, among other services, personal current accounts, joint accounts, business accounts, and Euro accounts. [8] [9] [10] With a focus on technology and user experience, Starling Bank has become an alternative to traditional high-street banks. [11]