Monzo to create 300 jobs in Cardiff – the industry reacts

Digital bank Monzo has unveiled plans to open a customer operations centre and generate 312 new jobs in Cardiff over the next four years.

The firm has secured £950,000 of Welsh Government support to aid its expansion into Wales. This is in addition to its London headquarters, where more than 500 people work.

Founded in 2015, Monzo has developed a smartphone app that provides consumers with an insight into their spending habits and helps them save money.

Economy Minister Ken Skates said: “Monzo’s innovative business model, its groundbreaking functionality and rapid growth has seen it quickly evolve into one of the world’s leading digital banks and as a Welsh Government we are proud to have supported its expansion into Wales.

“I look forward to Monzo joining our thriving Financial and Professional Services Sector here in Cardiff and in doing so creating 312 high-quality customer service jobs right in the heart of our capital.”

It’s already begun recruiting for operations specialists and shortly plans to move into offices based in the centre of Cardiff, overlooking the castle.

Tom Blomfield, CEO of Monzo, said: “I’m very excited for us to be expanding our presence in Cardiff and continuing to provide amazing customer support for our 1.3 million customers.

“Over the next few years, we’ll be hiring hundreds of people into our Cardiff office as we grow our customer base by millions more people.”

A great opportunity for Welsh tech

David Warrender, CEO of Innovation Point, said Monzo’s decision to expand to Wales will bolster the country’s thriving fintech scene.

“South Wales has long since been a leading location for successful FinTech business, with the likes of Admiral, GoCompare and Confused launching their businesses here from as far back as 1993,” he told Tech Dragons.

“Now a new wave of tech business is disrupting the status quo in different parts of the financial services industry.  Monzo has made an enlightened choice in becoming part of the South Wales Fintech community.”

Gareth Jones, founder of Town Square Spaces, added: “Big inward investment deals like this are recognised for the jobs created, but the thing that excites me is the new culture that Monzo can foster.

“You can’t have missed the growth of Monzo over the last couple of years. Anyone who has the opportunity to develop with them will no doubt be in a much better position to be a part of the next generation of entrepreneurs in Wales.”