Finance

With half a million customers, Monzo has a bold new mission statement

By Oliver Smith 7 November 2017
Summary

World-domination is in Tom Blomfield’s sights.

In a milestone announcement this morning Monzo, the mobile challenger bank, revealed its red coral cardholders are now 470,000-strong – a jump of 300% in the last nine months.

The news comes as Monzo raised a further  £71m in funding from several large US investors including payments group Stripe and Goodwater Capital.

Read more: Monzo 2 years on – the startup threat big banks still “don’t get”

Monzo's team has quickly grown from 30 to over 110.

“You know what’s cool, a billion people”

But even more interesting was the new mission statement unveiled by the company, a new goal to “build a financial control centre for one billion people”.

That’s a big goal for CEO Tom Blomfield, who only co-founded the bank in 2015, has overseen its tremendous rise and is on track to reach a million customers in the next few months.

He said the new cash would be used “to help us achieve our ambition, we will continue to hire talented people, focus on building the best product, and bring Monzo to as many people as possible.”

Blomfield also said Monzo’s full current account, a ‘proper’ bank account which is still in development, now has over 20,000 account holders and will be offered to every cardholder by the end of the year.

Read more: How To Boss It Like Tom Blomfield, CEO at Monzo

Clash of the Titans

Monzo is far from alone in the banking race now.

Starling Bank has launched full current accounts for all its customers and the once-forgotten Tandem Bank is back from the brink after it swiped a banking licence from Harrods.

Even Goldman Sachs is on the case, with the investment bank planning on launching its own digital challenger bank in mid-2018.

Get your wallets and purses ready.