At ICONIQ Growth, we have been steadfast and long-term partners across fintech and financial software given our strong belief in the immense market and critical nature of these products.
Through our partnerships with portfolio companies like Adyen, Chime, Ramp, Robinhood, Wealthsimple, Groww, and others, we’ve had a front-row seat to the evolution of this ecosystem. We believe that what was once a fragmented and crowded market is now consolidating, with the structural leaders becoming clearer than ever.
At the same time, we believe there remains significant opportunity ahead for these next-gen players. They are, in our view, on the right side of history aligning with global shifts in consumer appetite for, adoption of, and trust in digitally-native fintech products, and have the potential to enable these companies to take an increased share from incumbents and continue pushing the boundaries on innovation in financial services.
Monzo stands out to us as one of these structural leaders, and we’re thrilled to officially announce our partnership with Monzo, a leading digital bank in the UK. Monzo’s attractive product offering and pace of innovation underpinned by a deeply authentic mission to “Make Money Work for Everyone” has struck a chord with us over the years. Boasting an industry-leading NPS of around 70+ in the UK, Monzo has grown over the years to serve 11M+ users today with impressive customer advocacy, feedback, loyalty and trust - key ingredients that we believe are critical for long-term success in financial services.
Monzo’s deep customer affinity is a testament to their strong focus on creating an exceptional and seamless user experience, combined with high-quality customer support and a quickly-expanding product offering. The Monzo platform today spans the financial lifecycle of a customer across spending, budgeting, borrowing, savings, investing and more, affording customers a single pane of glass and unified experience. Recognizing similarly acute pain points and needs amongst SMBs, Monzo also offers a growing suite of financial software products to serve sole traders and businesses with more sophisticated needs in addition to banking, driving its early success in this segment with 600K+ SMB customers today.
The driving force behind Monzo’s success is its highly experienced team with deep domain expertise, led by CEO T.S. Anil. With decades of experience at Visa, Standard Chartered, Citi, and Capital One, T.S. brings extensive expertise in financial services and technology. Together with its impressive leadership team, we believe that Monzo is uniquely positioned to redefine the future of financial services across the UK and beyond.
Building on its success and category leadership, Monzo has set its sights on international expansion across US and Europe, where we believe there are similarly compelling opportunities to further modernize banking and financial services.
At ICONIQ Growth, we believe Monzo is a generational platform with massive potential. Its commitment to innovation, exceptional customer experience, and global vision positions it as a transformative force in financial services. We could not be more thrilled to partner with T.S. and the remarkable Monzo team on this journey!