Envelope FAQ for Monzo U.S. Users
Monzo just announced it is shutting down its U.S. operations, while continuing to focus on the UK and Europe. Envelope is not here to capitalize on anyone’s struggles. We’re here to offer a stable, transparent, and supportive home for people who need a place to manage their family budget. Due to an overwhelming amount of outreach on our Reddit, Discord, and customer support portals, we put together this FAQ for Monzo users interested in Envelope.
Getting Started
How do I open an Envelope account?
Bank Partner & Stability
Who provides Envelope's banking services?
Envelope offers banking services through our partner, Pacific West Bank (PWB).
How stable is Envelope compared to Monzo?
We just negotiated our contract with Pacific West Bank for another two years.
We have over six years of runway based on current funding and growth.
Envelope has already reached a scale comparable to where Monzo was — and we’re growing rapidly.
Trusted by thousands of households who have run their finances on Envelope for years.
Backed by Y Combinator, the world's leading startup accelerator.
We’ve been live with PWB for two years, and the partnership is strong. You’ll even see PWB employees weigh in on our Discord.
Envelope isn’t a tiny startup experiment. We’re an established, growing platform with the stability, backing, and scale to support you long term.
Monzo just recently transitioned to Lead. Does the Envelope team understand partner bank volatility?
Envelope was started by several users who were caught in the Simple banking product shutdown. We know how difficult it is to move your family's financial life, and we are incredibly sorry you are caught in this turmoil. We're here to offer a stable, transparent, and supportive home for anyone who needs it.
Features
Pots (we call them envelopes)
Envelopes are simple, flexible pots for your money. Set aside funds for groceries, bills, travel, holidays, or anything else you want to plan for, so every dollar has a clear purpose before you spend it.
Assigning transactions to envelopes
Assign transactions to the right envelope so every purchase, transfer, or payment has a clear place in your budget. It keeps your spending organized, makes each envelope more accurate, and helps you quickly see where your money actually went.
Other notable features
Cash deposits at AllPoint + ATMs
Mobile check deposit (live on iOS, coming soon to Android)
Individual or joint accounts
Virtual cards