Monzo — Startup Profile
The bank that makes money work for everyone
HQ: London, United Kingdom | Founded: 2015 | Employees: 3,000-3,500 | Stage: Late Stage Private (Series I+) | Website: https://monzo.com
About
Monzo Bank Ltd was founded in 2015 as Mondo by Tom Blomfield, Jonas Templestein, Gary Hoffman, Jason Bates and Paul Rippon in London, with a mission to make money work for everyone. Starting as a prepaid Mastercard and community-driven beta, Monzo obtained its UK banking licence in 2017 (with FCA and PRA authorisation) and has grown into one of Europe's largest neobanks. Its app-first platform offers personal current accounts with instant notifications, budgeting, pots, and fee-free spending abroad, alongside Monzo Business for SMEs, subscription tiers (Plus, Premium, Max), Flex buy-now-pay-later, and Monzo Investments. The company is known for its hot coral cards, transparent product development, and loyal UK customer base representing over 20% of UK adults and 6% of UK businesses.
Backed by Y Combinator, Passion Capital, Thrive Capital, Accel, General Catalyst, Coatue, Tencent, CapitalG, GV and Hedosophia, Monzo has raised $1.8B in total. Revenue more than doubled to £880M in FY2024 from £356M in FY2023, turning a £116M loss into a £15.4M pre-tax profit. The March 2024 $430M Series I led by CapitalG at a $5B valuation, topped up by a $190M extension in May 2024 led by Hedosophia and CapitalG at $5.2B, was followed by an October 2024 secondary sale at $5.9B providing employee liquidity via GIC and StepStone. With profitability achieved, Monzo is accelerating US expansion (relaunched after its 2021 US licence application) and new products including pensions and expanded lending.
The Take
Monzo is the $5.9B UK neobank that has scaled to 12M customers in 2025 (10M+ in 2024, ~20% of UK adults) by rebuilding retail banking around a mobile-first, community-driven experience. After raising $610M in 2024 ($430M March at $5B + $190M May at $5.2B led by CapitalG and Hedosophia) and hitting a $5.9B secondary valuation in October 2024, Monzo doubled revenue to £880M in FY2024 and posted its first annual profit (£15M pre-tax). With $1.8B total funding, a full UK banking licence, and US expansion underway, Monzo is positioned as the profitable, regulated alternative to Revolut and Chase UK in the $200B UK retail banking market.
Key Metrics
- Latest Valuation: $5.9B (Oct 2024 secondary sale, £4.5B)
- Last Primary Round: $430M Series I Mar 2024 + $190M May 2024 extension ($610M total)
- Total Funding: $1.8B (~$1.5B confirmed to May 2024)
- Revenue FY2024: £880M (+2.3x YoY, ~$1.15B)
- Profitability: £15.4M pre-tax profit FY2024 (first full-year profit)
- Customers: 12M in 2025 (10M+ in 2024; 400K+ business customers)
- Founded: 2015 (originally Mondo)
- Headquarters: London, United Kingdom
Funding Rounds
- Round: $190M (£150M) (2024-05-08) — Hedosophia, CapitalG
- Round: $430M (£340M) (2024-03-05) — CapitalG
- Round: $500M (£350M) (2021-12-01) — Abu Dhabi Growth Fund
- Round: $60M (£60M) (2020-12-01) — Novator, Kaiser, TED Investments
- Round: $76M (£60M) (2020-06-01) — Accel, General Catalyst, Y Combinator
- Round: $144M (£113M) (2019-06-01) — Y Combinator Continuity
- Round: $128M (£85M) (2018-10-01) — General Catalyst, Accel
Key People
- TS Anil
- Gary Hoffman
- Tom Blomfield
- Jonas Templestein
- Sujata Bhatia
- Andy Smart
Key Competitors
- Revolut —
- Starling Bank —
- N26 —
- Chase UK (JPMorgan) —
- Atom Bank / Zopa / Barclays —
Timeline Highlights
- 2024-10-11: $5.9B secondary sale — employee liquidity via GIC & StepStone
- 2024-06-03: FY2024: £880M revenue and first profit £15M — 10M customers
- 2024-05-08: $190M Series I extension at $5.2B — total $610M in 2024
- 2024-03-05: Series I: $430M led by CapitalG at $5B valuation
- 2021-12-01: Series H: $500M at $4.5B valuation — TS Anil era
- 2019-06-01: Series F: $144M at $2.5B valuation, enters US beta
- 2017-04-01: Full UK banking licence granted (FCA/PRA authorisation)
- 2015-02-01: Monzo founded as Mondo by Tom Blomfield, Jonas Templestein, Gary Hoffman, Jason Bates & Paul Rippon
Recent News
- Monzo Hits $5.9B Valuation With Secondary Share Sale (2024-10-11)
- Monzo Boosts Funding to $610M to Crack US, Launch UK Pensions (2024-05-08)
- UK Digital Bank Monzo Valued at $5B After $430M Round Led by CapitalG (2024-03-05)
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