Jason Bates - Cofounder at 11:FS Monzo Bank and Sterling Bank
Monzo Bank formerly known as Mondo bank is a digital bank which is co-founded by Jason Bates. There are a few other names in the foundation of this bank as well.
Jason Bates used to work at Sterling Bank and then left the bank due to some reasons. He and his coworkers decided to lay the foundation of Monzo Bank. While Jason was working at Sterling Bank, one day he came across a lady who was the head of Sterling Bank and Jason had a chat with her. This chat developed strong roots.
Jason shared his ideas with her that how Facebook and Google are not working to change the customers' life. Facebook and Google are of the greatest tech companies in the world and still they are thinking about how they can benefit themselves more instead of focusing on their customer's life. This thing always irritated Jason so he decided to open a bank that will serve the people.
Monzo Bank is an online digital bank like Revolut, PayPal, etc. in the UK. It is one of the earliest app-based challenger banks. Before it, all the banks were physically located but this provided easy features for the customers. It was founded in 2015 and serves financial services. The headquarter of this bank is situated in London, England.
At first, this digital bank faced a lot of problems because it was based on a mobile app only but soon as people started using it, they started trusting it and then ended up recommending Monzo Bank to their friends, families, and coworkers. In 2020 Monzo Bank reached the milestone of 4 million users but still in July 2020 it had to bear a net loss of £111.8 million which is pretty huge.
Quickest Funding Campaign
To cover up this loss Monzo Bank set up the record for "quickest funding campaign in history" and through this campaign, they were able to raise £1 million in only 96 seconds. This milestone is huge and it is really hard to achieve but Monzo did that. Although the amount is not even a small fraction of their loss still this campaign proved good in their publicity as everybody was wandering about their success.
There is quite a lot of history when it comes to knowing more about Monzo Bank. Monzo Bank was founded in 2015 as a digital online bank. Due to this digital banking system, it was restricted to have a banking license which had a little adverse effect on its success. Due to this restriction, Monzo Bank customers could not have full current accounts but later on, it got registered as Monzo Bank Ltd in 2016. So, there were a lot of challenges that Bates experienced while launching this bank and gaining a strong position in the highly competitive financial market.
There are quite a lot of services that Monzo Bank provides to its customers. But the services that are available at Monzo Bank customers have a history as well. First, this digital bank did provide its customers with current bank accounts but then after the restrictions were applied, they had to limit their customers from having current accounts. So, to cover it they released prepaid debit cards, and then when the bank was registered and there were no more restrictions, customers could have current bank accounts just like any other conventional bank.
First Monzo Bank set free withdrawals with no extra charges but then layer on to make the revenue they set up a limit of £200 free withdrawal in a month. If a customer withdraws more than £200 then he has to pay an additional 3% on the amount he is getting withdrawn. Besides this, in 2018 Monzo Bank launched international money transfers via an app. It was so easy to transfer money anywhere with the Monzo Bank.
The good thing about Monzo Bank is that it is transparent about sending cards to its customers on its website. Customers could track the mail post of their card that was being posted by the bank just by logging in from their account. Customers liked this feature a lot because in this way they could know when they will have their card.