Hot coral card and app bank Monzo now has more than a million customers. The banking challenger claims to account for 15 per cent of all newly opened current accounts in the UK.
Its user base has grown 75 per cent since the end of its beta prepaid programme six months ago, during which time 95 per cent of its customers chose to upgrade to a full current account. 80 per cent of Monzo’s growth comes via word of mouth and referrals from existing users, and it has now done away with its longstanding waiting list for new users, paving the way for further growth.
Thus far, customers have spent more than £4bn using Monzo cards. The bank processes £1bn in payments every month, and users send more than £800k to their phone contacts on Monzo every day.
Tom Blomfield, CEO of Monzo, said in a statement: “We’re working hard to earn our customers’ trust by building a product that solves people’s problems, giving them brilliant customer service, and being totally transparent every step of the way. This milestone shows that there’s real, mainstream appetite for a bank that’s doing things differently.”
Monzo currently employs over 350 people at offices in London, Cardiff and remotely around the world.
In an update earlier this year, the bank announced it had posted pre-tax losses of £33.1m for the year ending February 2018, a four-fold increase on the previous year.
