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Starling and Monzo growth surges outside metropolitan elite
Digital bankings fastest growing names are seeing recent growth spurts come largely from outside the UK capital.
A spokesman for Monzo, which hit 2 million customers last month, told AltFi that more than two-thirds of its last million customer sign-ups, which occurred within just eight months, came from outside of London.
“Nearly 70 per cent of new sign-ups are now coming from outside of London,” he said.
Boden said: “Starling is growing more quickly outside of London than in London”.
Starling's customer base jumped from 50,000 to over 400,000 last year. Numbers currently stand at 650,000 with Boden expecting 1 million customers in 2019.
Both banks are have been around for less than four years but have grown swiftly mostly thanks to early adopters and word of mouth through meet-ups and its ‘golden tickets’.
This has included tube and bus advertising in London more recently as well as a national TV ad for Monzo.