You may or may not have heard of Monzo however here at Techno / Status we like this start up so we thought we’d give you a little heads up on the bank of the future.
First of all let me tell you what Monzo is, in its current form it’s basically an app and a prepaid debit card, it started up in February 2015 with one mission, to build the best current account in the world. In August 2016 they were granted a UK Banking license albeit with some restrictions by the FCA and PRA, they’re now on course to roll out a free current account in summer 2017.
What does Monzo offer?
Well for starters once you’ve topped up your account with a minimum of £100 of credit you get a prepaid debit card like the one pictured above, real time spending notifications via the app which is available for both android and iOS. Now this is the good part, zero fees abroad – whether you paying with the card or withdrawing cash from an ATM it’s completely free, you just get the current exchange rate and that’s it.
Other features include 24/7 support directly from the app, free instant money transfers to other Monzo users and the ability to request money from anyone with a debit card whether they’re a Monzo user or not, simply send them your monzo.me link. Feel free to try that out at monzo.me/dalechapman I really don’t mind!
Over the coming months and following protection from the FSCS the startup plan to release a UK current account with an account number and sort code, enable direct debits and standing orders as well as offer ‘easy’ overdrafts.
Imagine being able to open a full bank account in 30 seconds from your phone.
Or being able to send money to friends and split bills with a single swipe. Imagine travelling abroad and being welcomed by your bank on arrival, with zero foreign exchange fees.
That’s Monzo Bank.
Monzo have reserved £2,500,000 for their community to invest as part of a £22 million total raise and you can pre-register now to enter the ballot for a chance to invest. Why would you want to though? Well, you’ll get early access to the current account as well as an exclusive debit card with the word ‘Investor’ on it which they’ll also replace should you ever lose it.
You have just a short time to pre-register your interest via the app as the ballot will be run on 14th March (today) and the lucky investors will be invited to complete their investment.
More more information on Monzo hit the links below.
UPDATE: Pre-registration for investments are now closed after over £12m was pledged. If you invested look out for an email in the coming days.