Challenger bank selects GROW with SAP and Business Technology Platform
LONDON, UK – 30 July, 2024 – SAP SE (NYSE: SAP) today announced that Monzo, the UK’s largest digital bank, has selected GROW with SAP. 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.”
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About SAP
As a global leader in enterprise applications and business AI, SAP (NYSE:SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.
About Monzo
Monzo was founded in 2015 and now serves more than nine million customers, making it the largest digital bank in the UK as well as the 7th largest UK bank by customer numbers. With a mission to make money work for everyone, Monzo is known for pioneering industry-first features like the Gambling Block and co-creating with its customers to deliver products and tools that put them in control of their finances. Monzo is a fully regulated UK bank and came first in the CMA’s latest customer satisfaction survey for both its personal and business accounts.
About NTT DATA
NTT DATA is a $30+ billion trusted global innovator of business and technology services. We serve 75% of the Fortune Global 100 and are committed to helping clients innovate, optimize and transform for long-term success. We invest over $3.6 billion each year in R&D to help organizations and society move confidently and sustainably into the digital future. As a Global Top Employer, we have diverse experts in more than 50 countries and a robust partner ecosystem of established and start-up companies. Our services include business and technology consulting, data and artificial intelligence, industry solutions, as well as the development, implementation and management of applications, infrastructure, and connectivity. We are also one of the leading providers of digital and AI infrastructure in the world. NTT DATA is part of NTT Group and headquartered in Tokyo. Visit us at nttdata.com.
About NTT DATA Business Solutions
NTT DATA Business Solutions drives innovation – from advisory and implementation, to managed services and beyond, continuously enhances SAP solutions to make them work for companies – and for their people. Aiming to help companies to transform, grow and become more successful, NTT DATA Business Solutions connects with a more than in-depth expertise for SAP solutions its clients´ business opportunities with the latest technologies – individually and across all business areas. As part of the NTT DATA group and as a global strategic partner of SAP, with close ties to other partners, NTT DATA Business Solutions gives clients and prospects access to innovative solutions and developments and thus makes an important contribution to innovation and long-term business success. NTT DATA Business Solutions employs more than 15,300 people in 30 countries.
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