Founded in 2015, Monzo Bank is a new innovative bank focused on providing retail banking products via its smartphone application. Monzo offers current accounts, business current accounts, joint accounts, payment cards, savings accounts, overdrafts, consumer loans.
Becoming a client of Monzo Bank Ltd can be done in a few steps:
Due to regulatory requirements Monzo Bank Ltd performs KYC/AML checks when establishing business relationships with a new client. While onboarding a private individual Monzo Bank Ltd will ask him/her to provide the following documents: passport; proof of address. For corporate clients Monzo Bank Ltd will ask to provide corporate documentation as well as information about controlling persons. Monzo Bank Ltd may request additional documentation or information depending on the case. Account opening procedure is usually completed within a few minutes.
Monzo Bank Ltd is the 125th largest bank in the United Kingdom in terms of total assets. In 2019 its total assets were 614,43 mln GBP, providing the bank with the market share of 0.01%. In 2019 the bank's annual profit was -47,16 mln GBP.
Monzo Bank Ltd participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by private individuals, companies and covers up to up to 85,000 GBP per bank per depositor. Monzo Bank Ltd is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it.
Monzo Bank Ltd is headquartered in London.
Monzo Bank Ltd has profiles at the following social networks:
Monzo Bank Ltd is authorized and supervised by the Financial Conduct Authority (reference number 730427).