Following more impressive growth this year Monzo is moving to further widen the reach of its neobanking product via the launch of a new service aimed at younger consumers.
The London-based Neobank, one of the UK’s leading challenger banks and a rising force in the country’s financial sector, unveiled a new account today for children aged between six and 15 years old.
Monzo’s children’s offering will include some of its flagship features from its adult accounts, including pots for organising money, instant notifications, scheduled payment for pocket money, and a physical card.
The company has based the design of its new offering on customer feedback. Monzo details that it conducted research finding that 50% of parents who discuss finances with their children said they want their children to understand how to save pocket money, and 42% said they wanted their children to understand creating budgets.
TS Anil, Monzo Chief Executive of Monzo, said: “Monzo customers with children have been asking us when they can share the magic of Monzo with their kids – and now they can!
“From instant notifications to organising money with pots and setting savings goals, we’ve packed the product with some Monzo favourites, tools for children to customise their app and neon cards to choose from.
“This is such an important step on our mission to make money work for everyone, as we welcome a new generation that we’re excited to support from the start of their financial journey and through the many years to come.”
Monzo’s expansion of its product offering with children’s accounts could further widen its customer-base, likely with the addition of the children of existing Monzo customers.
Even prior to launching this new feature the company expected to clear 11 million customers by the close of 2024. Last year saw the firm surpass nine million customers and 400,000 business customers.
The firm has emerged as one of UK fintech’s biggest success stories, having caught the attention of some prominent international investors such as Google parent company Alphabet, Hesdonphia and the Singapore Government Investment Corporation (GIC),
Following these investments, the company has sought to further enhance its product and extend its reach. The addition of children’s accounts is the latest move in this regard, following the addition of new subscription features and fraud prevention features.