This move will simplify Monzo’s finance IT estate, enabling it to fully embrace the benefits of the cloud, increasing innovation and meeting customer and market demands.

Founded in 2015, Monzo was one of the earliest of the digital banks in the UK and now has over nine million personal customers and 450K business customers. Monzo selected SAP’s Business Technology Platform (BTP) and GROW with SAP for Scaleups due to its depth of functionality and out of the box localisations. The transformation programme will be supported by systems integrator NTT DATA Business Solutions, which gives Monzo the flexibility and backend support that it needs, helping it adhere to current legal mandates and regulatory trends in the UK, and other countries in the future.

GROW with SAP is designed to support fast-growth organisations. It combines a comprehensive suite of integrated modules covering critical functions like finance, sales, marketing, procurement, and HR into a single platform. This enables Monzo to streamline operations and maintain full control of its finance and sourcing processes as they grow.

Wesley Doyle, Head of New Business Growth Markets, UKI, said: “Since it started in 2015, Monzo has been on a meteoric rise. Sustained growth requires the right blend of forward-thinking management, cloud-based technology and strategic financial planning. Monzo has all these elements in place and with the speed, flexibility and agility of the cloud, it will be able to accelerate its growth, react quickly to external trends and continue to innovate.”

SAP S/4HANA Cloud will be adopted across the entire business. Now with a scalable SAP service in place, deployed via a secure and highly resilient cloud-based infrastructure platform, Monzo will be able to reduce the amount of manual work its finance department does, pulling and reconciling data from different areas of the business to improve insights and reporting. This will help Monzo maintain industry best practice, keep up with market demands and offset macro-economic turbulence.

Ben Foster, Sales Director, NTT DATA Business Solutions UK&I, added: “We are thrilled to partner with innovative businesses like Monzo. NTT DATA Business Solutions understands the advantages and value of deploying SAP technology in the cloud. Monzo now has access to a readily deployable cloud ERP system that incorporates the latest industry best practices and ensures continuous innovation.”