That’s a great overview of Monzo’s strategy. I thought I’d mention that it includes a comprehensive answer to this question 
Paul says:
Having a licence means you can take deposits, join payment schemes, and it means those deposits are protected by the Financial Services Authority Compensation Scheme, which gives people reassurance that their money is safe. It also protects Monzo from being squashed out of existence by banks that don’t like the fact that we are increasingly levelling the playing field and disrupting the market.