Monzo is a bank and one of the most exciting startups in the UK right now. Banking is done through an app, rather than bricks-and-mortar locations, transparency is key, and community is at the heart of their offering. It’s no wonder then that since launch in 2015 they have won a cult following. We chatted to co-founder and CEO Tom Blomfield about how they’re using innovation to drive growth and make change.
You started off trading as Mondo and had to change to Monzo – how difficult is it to find a suitable name when starting a business and why is it important? A strong brand is important for any business. But because we’re doing something very different in what has traditionally been quite a staid sector, a brand becomes especially important, and part of that is a name.
Our brand and our name have to communicate that we’re taking a different approach, but also play an important part in building trust among our users.
From the very beginning, we’ve committed to involving our users in all the decisions that we make, so when we were forced to change our name as the result of a copyright challenge, we decided to ask our community to help. Changing the name of a company can be tricky, especially as we’d already started to build our user base using a brand that we loved. However, the name change ended up being a good opportunity to show our community that we’re committed to […]