Monzo 101: Is Monzo a bank?

(Beatrice Borbon) #1

As you probably already know, we’re a bank!

But what does that actually mean? :thinking:

Find out the answer in today’s blog post!

(Aled) #3

Good read and will help put peoples minds at rest that Monzo is a real bank

(Liam W) #4

Something I could never figure out, but you were initially given a restricted banking license. What does this mean?

(Aled) #5

I found this on a web search

The restricted licence will let Mondo hold customer money for the first time - the crucial thing that makes a bank a bank - and let it test its products and services with a limited number of customers. Once regulators, the Financial Conduct Authority and the Prudential Regulation Authority, are satisfied, they will lift the restrictions.