The developer is Fintech Band, a company owned by Olexandr and Dmytro Dubilet, Oleg Gorokhovsky, Mykhailo Rogalsky, Volodymyr Yatsenko, Lyudmyla Shmalchenko, and Vadym Kovalyov.

[10] At the beginning of 2018, Fintech Band announced plans to launch a similar project in the United Kingdom called Koto.

[14] In January 2023, it was announced that work had begun in the Polish market, where the bank is planning to launch the Stereo neobanking service.

[15] Since 7 March Monobank customers have been allowed to deposit cash into their accounts through the EasyPay and City24 self-service terminal networks without commission fees.

[17] Customers need either an Apple devices running iOS 10 or an Android version 4.4 or newer and have to be at least 14 years of age or older, and who have a Ukrainian tax identification number.

It is a special deposit account, that any client can create for themselves, their family or friends, to accumulate money for a purchase using gamification elements.

[21] During the Russian invasion of Ukraine, monobank jars became one of the main ways volunteers raised money for the needed supplies, either civilian or military, through social media.

[24] One of the most notable examples of this feature used by charities and volunteers is Serhiy Prytula Charity Foundation collecting money and subsequently purchasing a satellite from the ICEYE for Ukrainian intelligence, the project known as People's Bayraktar[25] On 27 February 2022 Monobank launched a landing page in English, uahelp.monobank.ua, which accepts donations from abroad using SWIFT, SEPA and Faster Payments, and transfers the incoming funds daily to the special account for the support of the Ukrainian Army of the National Bank of Ukraine.