Monzo to hire 500 as it eyes 5.5m customer base

Monzo is to hire 500 new members of staff worldwide, as part of a strategy to grow customers numbers to 5.5 million this year.

In an interview with Reuters, Monzo founder and chief executive Tom Blomfield said the digital challenger would continue to expand its operations and has plans to charge some customers for services in a bid to turn a profit.

The London-based bank, which currently has 3.8 million customers in the UK, raised £113 million in 2019 and is valued at just over £2 billion. It currently lends £120 million pounds and has deposits of £2 billion, with 2019 also seeing a beta US launch.

The company is reportedly eyeing up a further fundraising round in the coming months, with an Initial Public Offering being considered over the next three to four years.

Blomfield told Reuters that staff headcount is likely to reach 2,000 over the course of 2020, up from 1,500.

He explained that Monzo is planning to relaunch paid-for accounts before April this year, following a previous launch in 2019 which encountered a number of difficulties.

“We learned that things that seem a universal truth when you are 50 people, launching iteratively as no one is paying attention, when you do that with 3.5 million customers it’s foolish,” Blomfield admitted.

“Our real focus is on monetisation,” he said. “We’re looking to drive revenue and do it in a way that’s transparent and fair.”

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