Monzo, the United Kingdom’s largest digital bank, has chosen GROW with SAP, according to SAP.
Monzo will be able to fully leverage the benefits of the cloud, increase innovation, and meet customer and market demands by simplifying its finance IT infrastructure.
Monzo, which was established in 2015, was one of the first digital banks in the United Kingdom. It currently has over nine million personal customers and 450K corporate customers. Monzo chose SAP’s Business Technology Platform (BTP) and GROW with SAP for Scaleups for their extensive functionality and pre-existing localization capacities. Monzo will receive the necessary flexibility and backend support to comply with current legal mandates and regulatory trends in the UK and other nations in the future, thanks to the support of systems integrator NTT DATA Business Solutions for the transformation programme.
GROW with SAP is intended to assist organizations that are experiencing rapid expansion. It integrates a comprehensive array of modules that address critical functions such as finance, sales, marketing, procurement, and HR into a single platform. This allows Monzo to maintain complete control over its finance and procurement processes as they expand and streamline operations.
The SAP S/4HANA Cloud will be implemented throughout the organization. Monzo will be able to reduce the amount of manual work its finance department carries out by pulling and reconciling data from various areas of the business, thereby improving insights and reporting, with the implementation of a scalable SAP service, which is deployed via a secure and highly resilient cloud-based infrastructure platform. This will assist Monzo in adhering to industry standards, adapting to market demands, and mitigating macroeconomic fluctuations.
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Industry Comments
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.”
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.”
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