Following in Starling’s footsteps, Monzo customers can now deposit cash in-store.
From today, customers of the digital bank Monzo will be able to deposit cash at any of 28,000 PayPoint stores across the UK.
In announcing its PayPoint partnership, Monzo pointedly remarked that its users now have access to a network of corner shops and convenience stores that is larger than all banks, post offices and supermarkets combined.
Recent research from Which? shows that the UK has been stripped of nearly two-thirds of its bank and building society branches in the last 30 years. Digital banks seem to be attacking this issue through partnerships with other kinds of branch network-boasting organisations, rather than with established banks.
Monzo’s co-founder and CEO Tom Blomfield said in a statement: “Though we’re heading towards a cashless society, many payments are still made using cash. By partnering with PayPoint, Monzo customers can deposit their money easily and conveniently whenever they need to.”
Monzo customers can deposit between £5 and £300 at a time and will face a fee of £1 per deposit. A maximum of £1,000 every six months can be paid in via PayPoint deposits.
The digital bank entered into the UK's growing stable of unicorn companies in October when it raised £85m in a Series E round led by General Catalyst and Accel.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.