Monzo Bank: A Digital, Mobile-only Bank in the UK

Case Code: BSTR574
Case Length: 14 Pages
Period: 2015-2019
Pub Date: 2019
Teaching Note: Available

Price: Rs.400
Organization: Monzo Bank Limited
Industry: Banking
Countries: United Kingdom
Themes: Digital Banking, Digital-only Bank Unicorn, App-based Banking, European Banking Industry, FinTech Start-up, Start-up Unicorn, Vertical-Industry Structure, Mobile-only Bank, Mobile Banking, Mobile Banking

Abstract Case Intro 1 Case Intro 2 Excerpts

Introduction

In October 2018, United Kingdom (UK)-based mobile banking player Monzo Bank Limited (Monzo) became a startup unicorn - a company valued at over US$ 1billion – after raising £85 million in Series E funding from General Catalyst and Accel. Launched in mid-2015, Monzo (then known as Mondo) had started with a funding of £4 million through an equity crowdfunding campaign. Also in mid-2015, the company launched its mobile application (App) and in late 2015, it launched prepaid cards (Alpha, Beta cards). These cards allowed users to add money through bank transfer or via an existing debit card...

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