Monzo is an online bank in the United Kingdom that makes life easier and not more difficult for users. Monzo started in 2015 as one of the earliest new app-based challenger banks in the UK. Currently, over 5 million users work with Monzo to manage and spend their money worldwide.
The digital bank received its banking license in 2017, making it authorized and regulated by the PRA and FCA. It provides users with an IBAN for international payments, helps users track expenses, and make payments simply using a link.
Some of the features that endear Monzo to the heart of users include its budgeting features and ease of use when you travel abroad.