Monzo CEO Tom Blomfield discusses his beginnings in Silicon Valley and what the future holds for Britain's buzzy digital bank.
Passion was actually going to invest in Boden's Starling before Blomfield pitched a "diversion on approach." He left Starling, started Monzo and won the investment from Passion.
The rest was history. Monzo — originally named Mondo until it faced a copyright claim — started issuing prepaid bank cards in 2015 before obtaining a bank license two years later. Since then, it's been able to expand into credit products like loans and overdrafts. "We are first and foremost a regulated bank," Blomfield said. "We were once a start-up, we were once a fintech — we are now a bank. And I think, rightly, we are subject to stringent regulations."
Last year, Monzo held £1.2 billion in customer deposits. It now has 3.8 million registered customers and says 40,000 are signing up every week.Luckily for Blomfield, the Valley never really left him. U.S. payments giant Stripe — itself the product of European entrepreneurs leaving for San Francisco — invested in Monzo twice, first in 2017 and again in 2019.
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