Monzo goes live with cashback

Digital bank Monzo has launched a cashback feature for its more than 8.5 million customers.

As we head into the holiday season, customers can earn between two and 10 per cent back on a wide range of merchants, currently including eBay, Deliveroo, Boots, National Express and Virgin Media.

The fintech first trialled the feature to a select group of community members earlier this year and is now rolling it out to all users.

“We know that in the current climate, more and more people are looking to money-saving solutions such as cashback, as a way to make their hard-earned cash go further,” Monzo general manager Kunal Malani said.

“But it’s difficult to find a model that doesn't have a complicated redemption process or one that offers cashback on brands people truly love. Our cashback offering plugs this gap in the market, giving customers real-time visibility on their rewards, with access to some of the nation’s most-loved merchants in food, retail, transport and entertainment.”

According to Monzo, most of the companies included in the offer are in the top 10 per cent of brands where its customers shop, and it will be introducing new deals at least monthly.

The cashback offers range from shopping to transport to restaurants and work across all Monzo cards and accounts, including joint accounts and its flex credit card.