Monzo
The hot-coral card that made banking a brand; born from the Mondo prepaid beta and a record 96-second crowdfund.
12M+ customers; UK license; US expansion.
- Who holds it
- The company itself — it holds a full banking licence — UK banking license.
- The ledger
- The bank’s own core ledger.
- If it fails
- A covered-deposit payout through the local scheme, up to its limit.
Derived from Monzo’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | London, UK |
| Founded | 2015 |
| Custody | Custodial |
| Regulation type | Licensed bank |
| License detail | UK banking license |
| Card | MC · Debit |
| Yield | ~4% savings pots |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Europe |
| Countries | United Kingdom, United States |
| Reported users | 12M customers (2025) |
| Founders | Tom Blomfield + 4 co-founders |
| Funding | ~£1.1B raised |
| Services | fiat pay-in (bank rails) · fiat pay-out (bank rails) · own IBAN / account no. · virtual cards |
| FX markup | 0% foreign transaction fee; Mastercard exchange rate, all tiers (2026-07) · source ↗ |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @monzo ↗
Common questions about Monzo
What is Monzo?
Monzo is a fiat neobank, headquartered in London, UK and founded in 2015. Your money is held custodially, so Monzo or its partner bank holds the balance and you hold a claim on it. It is regulated as a licensed bank (UK banking license).
Does Monzo have a card, and where can you use it?
It issues a Mastercard debit card. It is available in 2 countries, across Europe.
Does Monzo require KYC?
Yes. Monzo requires identity verification (KYC) to open an account, as a licensed bank.
What does Monzo cost?
From the verified fields: FX abroad — 0% foreign transaction fee; Mastercard exchange rate, all tiers (as of 2026-07); yield ~4% savings pots. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Monzo before relying on them.
Early investors
Head-to-head
Monzo vs Revolut · Monzo vs Starling Bank · Monzo vs Tide
Peers
Wise · Starling Bank · Atom Bank · Zopa Bank · Chase UK · Kroo
Monzo appears in
Neobanks that hold their own banking license (132) · Neobanks available in Europe (144) · Neobanks that issue a Mastercard (150) · Neobanks in United Kingdom (29)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.