UK digital bank Monzo is planning to hire up to 500 employees in an effort to reach 5.5 million users this year. Previously, Monzo suffered a cash crunch on the account of growing its banking business.
Founder Tom Blomfield told the media that he expects the workforce to go up from 1,500 to 2,000 employees this year as part of its growth strategy. Its employees are currently based in London, Cardiff and Las Vegas.
Monzo loans £120 million on deposits of around £2 billion. According to Blomfield, Monzo had plans to float within three or four years, however. It incurred a loss of £47.2 million in 2018, encouraging the bank to hold talks with investors about the next best move.
Now Monzo is valued at around £2 billion. The digital bank was launched in 2015. Since then, the bank has attracted 3.8 million customers in the UK with its offerings Coral Card and track-spending data, media reports said.
Monzo received a banking licence in 2017. Last year, the digital bank’s attempt to trademark its signature bright coral colour card was rejected. The move was to secure Monzo’s brand identity against companies using a similar colour tone in their products, media reports said.
Also, Blomfield said that Monzo is largely focused on monetisation. It plans to drive revenue using methods that are practical and transparent. Monzo now accounts for more than half of the digital challenger bank market on the basis of new data, media reports said.