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The banking app Monzo is to create over 300 finance jobs in Cardiff, with some positions earmarked for graduates and boasting salaries of up to £30,000.

After securing £950,000 funding support from the Welsh Government, the smartphone banking app has pledged to open a new customer service centre in the Welsh capital, creating 312 jobs in Cardiff before the end of 2023.

Since its inception in 2015, Monzo has quickly become one of the UK’s fastest growing banks, appealing to young people in particular, and mushrooming to a current customer base of 1.3 million users. With new signups currently running at 100,000 every month, Monzo now needs more staff to help it keep up with demand.

Monzo has its main headquarters in London, where it currently employs around 500 members of staff. The new contact centre near the castle in Cardiff will add a further 60 per cent to the company’s headcount and allow for further expansion.

Announcing the new jobs in the Welsh capital, founder and Chief Executive Officer of Monzo, Tom Blomfield, 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,” added Mr Blomfield.

Ken Skates, the Welsh Assembly Minister for Economy and Transport, welcomed the announcement, saying: “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,” added Mr Skates.

David Warrender, the Chief Executive Officer of InnovationPoint, a leading technology strategy consulting firm, also commented on the Cardiff expansion by Monzo, saying: “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.”

“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,” added Mr Warrender.

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