Category Archives: monzo

Monzo launches interest-earning savings accounts

Well, you have to admire a staggered PR plan. Monzo, the U.K. challenger bank that just announced £85 million in Series E funding and its entrance into the fintech unicorn club, is rolling out a new feature today. The banking upstart is adding interest-earning savings accounts as an upgrade to its existing “Pots” functionality that launched last November. The new “Savings Pots” feature is being offered in partnership with third-party bank Investec Corporate & Investment Banking and lets you earn 1 percent interest on the money you […]

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Monzo, the U.K. challenger bank, raises £85M Series E at a £1B pre-money valuation

Monzo, the U.K. challenger bank that now boasts more than a million customers, has raised £85 million in Series E funding. The round is led by U.S. venture capital firm General Catalyst, and Accel. Existing backers Passion Capital, Goodwater, Thrive Capital, Orange Digital Ventures, and Stripe also participated. The latest funding was at a pre-money valuation of £1 billion (~$1.27b), meaning that Monzo is now a bonafide member of the U.K. fintech unicorn club, joining recent entrant Revolut. Meanwhile, the bank upstart is also planning to launch […]

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Challenger bank Monzo launches accounts for 16-18 year olds

When weighing up the likely success of challenger banks in the U.K., two predominant schools of thought emerge. Those who are bullish say that incumbent banks provide a lousy user experience, rip off customers, and innovate incredibly slowly — and therefore are ripe for the taking. Challenger banks just need to focus on what they do best and word of mouth-led switching will follow. And then there are people who are less convinced who say that most consumers are happy enough with their current bank account and […]

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Fintech friends: Monzo partners with TransferWise for international payments

“So what’s going on here then?” I ask. “Two good friends just got even better [friends],” replies TransferWise co-founder Kristo Käärmann laughing, while Monzo co-founder Tom Blomfield, who is also on the video call, smiles approvingly. “Sorry for spoiling your news,” I tell the pair, who I’m interviewing ahead of an announcement today that the two companies are working together. The partnership, which TechCrunch outed nearly three weeks ago, will see TransferWise power international payments for the U.K. challenger bank’s 750,000 customers. It is the second new […]

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