Have you ever used a banking app, completed a transaction whilst it was open and had to go through the rigmarole of logging out and logging back in again a few minutes later to see the change to your account? Us too. It's frustrating, slow and unnecessary.
Monzo, delivers just what we expect in this day and age - instant feedback from the app when money goes in or out, simple transfers that happen instantly with more and more features added constantly to help you budget and improve your total spending each month. Recurring payments such as subscriptions and direct debits automatically appear in a 'scheduled payments' section giving you more control to manage these effectively and even the ability to add your own.
Since Monzo gained its banking license in April 2017, its user numbers have grown exponentially to reach 750,000 with an excess of £2billion going through its system. Despite this growth, they are facing some profitability difficulties with losses jumping to £33.1million.
Founder, Tom Bloomfield is in no way worried though, he has said that the bank will break even very soon now some revenue-generated services have been added such as overdrafts. In the bank’s annual report Mr Blomfield said its new “mission” was "Monzo makes money work for everyone."
We feel that there are certain similarities between the ethos and infrastructure of Monzo and Squeegee - real information, in real time as people need it, wherever they are, and a wish to make processes easier for everyone, everywhere!