UK-based digital bank Monzo is set to launch a customer support centre in Cardiff, which will result in the creation of 312 jobs.

The move, backed by a £950,000 grant from the Welsh government, will create jobs over the next four years.

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The new jobs add to the bank’s headcount of 500 at its London base.

Monzo CEO Tom Blomfield said: “I’m very excited for us to be expanding our presence in Cardiff and continuing to provide amazing customer support for our 1.3 million customers.

“Over the next few years, we’ll be hiring hundreds of people into our Cardiff office as we grow our customer base by millions more people.”

Monzo, with a customer base of more than a million in the UK, achieved the unicorn status last year after raising £85m.

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The bank secured a full banking licence from the Prudential Regulation Authority and the Financial Conduct Authority in April 2017.

Wales economy minister Ken Skates said: “Our Economic Action Plan is clear on our commitment to supercharging the industries of the future and supporting businesses to innovate and compete in a rapidly evolving market place.

“Monzo’s innovative business model, its ground breaking functionality and rapid growth has seen it quickly evolve into one of the world’s leading digital banks and as a Welsh Government we are proud to have supported its expansion into Wales.”