Monzo hits 2m customers, adding 1m in eight months

By Daniel Lanyon on 20th May 2019

Challenger Banks

The digital only-banking challenger has been growing rapidly in the past year.

Monzo hits 2m customers, adding 1m in eight months

Monzo has hit 2 million current account customers in just two years since getting a banking license, and just eight months after it hit 1 million accounts.

It launched its current accounts less than 18 months ago with customers having spent £10.7bn through Monzo so far.

The digital bank says more than 35,000 new people sign up each week, making Monzo the fastest-growing bank in the UK, meaning 3 in every 100 people in the UK now use Monzo. The average Monzo customer has 19 other friends on Monzo with much of Monzo’s growth has come through word of mouth and referrals, with customers inviting their friends to sign up.

Tom Blomfield, CEO at Monzo said: “A huge thanks to all 2 million people using Monzo, for joining us to build a bank together.”

“Our mission is to make money work for everyone, and we can’t wait to solve more of our customers’ problems and bring Monzo to even more people.”

Comments

AltFi Berlin Summit 2019

AltFi is coming to Berlin this Winter for our first annual Summit in the City.

18th November 2019