Monzo is a London-headquartered digital bank founded in 2015 and granted a full UK banking licence in April 2017. The company serves more than 10 million retail customers and a fast-growing base of business customers with a mobile-first current account, savings pots, connected credit products, mortgages distributed through partners, and investment products.
Monzo is authorised by the Prudential Regulation Authority and regulated by the PRA and the Financial Conduct Authority, putting it under the same prudential regime as high-street incumbents. The listed parent for the group is Monzo Bank Holding Group Ltd, with the licensed operating entity being Monzo Bank Limited (Companies House 09446231).
Monzo has raised successive private rounds from investors including Alphabet's CapitalG, Passion Capital, and Accel, culminating in a Series H round in 2024 that valued the company at around $5.2 billion, making it one of Europe's most valuable private fintechs ahead of a widely anticipated IPO.
Monzo's corporate structure combines PRA-authorised banking governance with UK venture-backed cap-table mechanics, which is rare at its scale. The licensed bank is Monzo Bank Limited, a private limited company incorporated in England and Wales (Companies House number 09446231); above it sits Monzo Bank Holding Group Ltd, the ultimate UK parent.
As a regulated deposit-taker, the bank files FCA/PRA capital, liquidity, and recovery and resolution data, publishes full IFRS accounts at Companies House, and is in scope for the Financial Services Compensation Scheme up to £85,000 per eligible depositor. The holding structure also hosts US-focused expansion vehicles, reflecting Monzo's 2024 US relaunch, and Monzo Flex Limited for its regulated credit product.
Over its lifetime Monzo has run multiple UK crowdfunding rounds on Crowdcube alongside institutional Series rounds, which added retail investors into the cap table and required dedicated Companies House share-capital filings for each new class. Its Series H at a $5.2 billion valuation brought in Alphabet's CapitalG and Hedosophia.
A widely reported future IPO would most likely re-register Monzo Bank Holding Group Ltd as a plc, but unlike Wise the bank structure means any listing must manage PRA change-in-control rules, UK capital-adequacy thresholds, and the prudential treatment of any pre-IPO secondary sales.
Yes. Monzo Bank Limited received a full UK banking licence from the PRA in April 2017 and is authorised by the PRA and regulated by the PRA and FCA; eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme.
Monzo Bank Limited is registered at Companies House under number 09446231, with Monzo Bank Holding Group Ltd as its ultimate UK parent.
Monzo reported its first full-year statutory profit in its 2023/24 annual accounts, driven by net interest income growth, and has continued to expand its profit base in subsequent periods.
Monzo has been widely reported as preparing for an IPO following its 2024 Series H at a $5.2bn valuation; no firm listing date or venue has been confirmed.
