Monzo

Not so long ago Monzo could do no wrong. Its hot coral debit card made it a must have accessory for urban millennials and it quickly attracted millions of customers. But the golden child of UK Financial Technology (FinTech) has had a bruising year. Is it experiencing the kind of growing pains we should expect after such a meteoric rise? Or has this banking unicorn transformed into a lame donkey? Having never turned a profit, Monzo now faces questions about its future direction; its annual report released in July really set alarm bells ringing. Amid the COVID-19 pandemic, its primary source of revenue – a 0.2 per cent interchange fee

Innovative, transparent, simple, easy, fair, open, helpful, honest, smart and caring. These are the top ten words customers use when describing Monzo’s culture on Smart Money People. It comes as little wonder then that since launching in 2015, Monzo has picked-up some two million current account customers, is valued at two billion pounds, and now has its sights set on cracking America. Young Brits have flocked to Monzo, and its bright coral card, in their droves, because carrying around a Monzo card is cool. Gimmicks like a rumoured £70 metal card which confers no additional benefits other than looking good in your hand as you pay for your chai latte,