Wednesday 21 November 2018 7:21 am

Monzo teams up with Paypoint to allow users to deposit cash in shops

Digital bank Monzo has today announced a strategic partnership with Paypoint, enabling its users to deposit cash into their Monzo account at any of Paypoint's 28,000-strong network of corner shops and local stores across the UK.

Deposits can range from £5 to £300, with a fee of £1 per deposit and a cap of £1,000 every six months. Monzo said many Paypoint stores are often open seven days a week from early until late, offering customers a convenient way to deposit cash.

The move follows a similar partnership launched by rival Starling Bank last week, which teamed up with the Post Office in an sector-first for free personal services across both cash deposits and withdrawals.

Monzo said that its customers have now spent more than £4bn with their Monzo cards to date. 

The digital bank recently raised an £85m funding round, as it heads to the US for its first international destination. City A.M. first reported in August the bank will also be launching a £20m crowdfunding round with Crowdcube in due course.

"Though we're heading towards a cashless society, many payments are still made using cash," said Monzo chief Tom Blomfield.

"By partnering with Paypoint, Monzo customers can deposit their money easily and conveniently whenever they need to."