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.”

    Share Story:

Recent Stories


The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.