Monzo has partnered with Qover to provide travel insurance products for its premium account holders.
The collaboration offers users a range of features through the Monzo app, including claim submission, automated insurance certificate generation and real time reporting.
The insurance is underwritten by Zurich Insurance Company and uses Qover’s embedded insurance platform.
Commenting on the news Quentin Colmant, chief executive and founder of Quover, said: “Our partnership with Monzo allows us to leverage their technology and customer-centric approach to deliver innovative insurance solutions that meet the evolving needs of their users. We look forward to working together to continue pushing the boundaries of what's possible in the fintech industry.”
Monzo reached profitability in March having recorded a near doubling of its profits in its latest financial year ended in February. It reported that profits rose by 88 per cent to around £214 million from £114 million in the previous year.
The FinTech also recorded high losses, with a 42 per cent rise leaving overall losses for the year hovering at around £100 million.
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