Features such as real-time balance updates, spending notifications and budgeting tools are a draw for this smartphone-only bank’s current account, which it says has a waiting list of 50,000 people. Monzo, which received its full UK banking licence from the FCA in April, says it has increased customer numbers from 50,000 to 500,000 in the last five months. Chief executive Tom Blomfield, 32, set up the company in 2015 after having previously co-founded payments firm GoCardless, and worked at rival challenger bank Starling. It has built its technology from the ground up, avoiding legacy technology that can hamper incumbent banks’ efforts to roll out digital services, and has raised a total of £106m, including £71m in a November round led by Goodwater Capital valuing the company at £280m.
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