“Monzo Bank Ltd” is fully authorised in the UK by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA.
It was founded as Mondo in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman. The team had met whilst working at Starling Bank. In February 2016, Mondo set the record for “quickest crowd-funding campaign in history” when it raised £1m in 96 seconds via the Crowdcube investment platform.
Two weeks prior to the name change, Monzo was granted a restricted banking licence, by the Prudential Regulation Authority and the Financial Conduct Authority and as of April 2017 these restrictions have been lifted. Monzo had a number of prepaid debit cards in operation which it issued to users for testing purposes. These cards were in use until current accounts were made available to all and the prepaid programme was closed on 4 April 2018.
On 16 May 2017, Monzo announced that over £250 million had been spent through its prepaid card, between 200,000 customers.
And now, Monzo announced 2,000,000 customers.