Monobank founders eye UK banking market

Monobank founders eye UK banking market

Three of the co-founders of Ukrainian digital banking startup Monobank are planning to launch a banking app in the UK in 2019.

Launched in November last year, Monobank has recruited 600,000 customers and amassed a loan portfolio of £70 million. Monobank has also introduced free foreign currency deposits and virtual currency cards for Euro and US dollar payments and exchange.

Alongside its core lending product, the app-only bank also offers a wacky 'Sports Deposit' savings account, which sees the high interest rate fall from 21% to 11% if the customer does not complete 10,000 steps a day.

Co-founder and commercial director at Monobank, Oleg Gorokhovskyi, says: “We focus on providing features our customers need but always look maximise the value we deliver. Our Sports Deposit savings account is a great example. Ukraine has the second highest death rate from coronary heart disease in the world and this product helps to incentivise our customers to keep fit and healthy.”

Buouyed by the success of the operation in Ukraine, Gorokhovsky, alongside co-founders Dima Dubilet and Misha Rogalskiy say they are planning to launch a new digital banking app in the UK in 2019.

Precise details of the product have not been disclosed.

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