Monzo is the bank that lives on your smartphone and built for the way you live today.
Monzo Bank Ltd is a digital, mobile-only bank based in the United Kingdom. Originally operating through a mobile app and a prepaid debit card, in April 2017 their UK banking licence restrictions were lifted, enabling them to offer a current account. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.
Monzo hit profitability after its lending volume for the period ending February 2023 ballooned to £759.7 million.
One of the possible reasons cited has been the consistent loss made by Monzo in the past few years, despite having been in existence for six years.
The deal between Starling and Goldman Sachs has been said to be pending regulatory approval.