Monzo is a digital-only banking platform that operates in the financial technology (fintech) sector. It primarily serves individual consumers who are looking for a more modern, convenient way to manage their finances. Monzo's business model revolves around providing a user-friendly mobile app that allows customers to easily track their income, spending, and savings. It also offers features that help users save money, such as the ability to automatically set aside a portion of each paycheck or round up payments to the nearest dollar.

Monzo's revenue is generated through a combination of interest earned on customer deposits, fees charged for certain services, and interchange fees from card transactions. The company also offers overdrafts and personal loans, providing another source of income.

Monzo's real-time balance updates and instant spending notifications give customers peace of mind and help them stay on top of their finances. The platform also allows users to set aside money for future expenses, ensuring that important bills are paid on time.

Despite being a digital-only bank, Monzo has managed to attract more than 8 million customers, demonstrating the growing demand for convenient, mobile-first banking solutions.

Keywords: Digital banking, Fintech, Mobile app, Personal finance, Saving features, Real-time updates, Bill payments, Overdrafts, Personal loans, User-friendly.