Are Monzo Independent?

[ski (Trevor)]

Hi, Thank you for adding me to the Monzo community!

I have a question, I don’t claim to be knowledgeable regards banks and commerce but can I ask one thing, I have been using Revolut and have recently found that they use Barclays to hold clients money. Do Monzo use a high street bank to hold clients money in current and or future banking?

Many thanks

[anon44204028]

At present they have been running a prepaid card scheme thru Wirecard as a test prior to launching the full current accounts. When the current accounts are launched later this year your money will be held by Monzo Bank and not by any other company

[alexs (Alex Sherwood)]

Hi Trevor, welcome to the community

Monzo use a supplier called Wirecard who store our (users) funds in their accounts at the moment. You can see more details about that on Monzo’s T’s & C’s page.

But now that they have a full banking license, they will be able to hold our deposits themselves soon (in the Bank of England’s accounts, to be precise), when the current accounts launch.

Monzo aren’t owned by other banks. Their business has been funded by investments from venture capitalists, crowdfunding & independent investors -

Confirmed: UK challenger bank Monzo raises £19.5M - TechCrunch

Thanks for sharing this Danny There’s a couple of things worth highlighting in this article - The combined round pegs Monzo at a pre-money valuation of £65 million. Up from 50m when the last round was raised. The startup has raised £19.5 million from U.S.-based Thrive Capital, London’s Passion Capital, and Orange Digital Ventures, the venture arm of telco Orange. They are investing £13 million, £5 million, and £1.5 million, respectively. The new combined funding … will b…

[ski (Trevor)]

Many thanks for the information, looking forward to banking with Monzo…