Starling and Monzo growth surges outside metropolitan elite

By Daniel Lanyon on 11th June 2019

Challenger Banks

Digital bankings fastest growing names are seeing recent growth spurts come largely from outside the UK capital.

Starling and Monzo growth surges outside metropolitan elite
Image source: Photo by Clem Onojeghuo from Pexels

Digital banking darlings Monzo and Starling are currently seeing more growth coming from outside their traditional geographic customer base of London residents.

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.

Anne Boden, CEO of Starling Bank, speaking at Innovate Finance’s Global Summit back in April also said that growth in customer numbers was super-charged by new sign-ups from outside the capital.

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.

Comments

Paul Michael

13 Jul 2019 10:55am

Have both starling and monzo. But starling is far better

James

13 Jun 2019 01:48pm

Monzo since 2016, best bank I've ever had. Why do some people prefer Starling?

Laurence

13 Jun 2019 09:49am

Really can't fault Starling. Great app, instant payment updates, free Euro denomination account, no overseas fees AND 0.5% interest on the current account balance. (With that said, I'm still bouncing around the banking system hoovering up First Direct/RBS/Nationwide new customer bonuses. But Starling will remain my main bank)

Hendricks

13 Jun 2019 08:24am

Starling Bank is the way forward!

Colin Maddocks

12 Jun 2019 10:45pm

Starling has been my one and only account since January. No regrets! The app is awesome, they support loads of different digital wallets, customer service is top notch and 24/7, and I can use my card abroad without any extra charges! I love it!

Frank Bird

12 Jun 2019 08:21pm

Starling is just the right choice.

Jamie edwards

12 Jun 2019 04:55pm

Been with starling for nearly two years. Great bank to deal with. Customer service is top. Won't change bank now

Bill Caruthers

12 Jun 2019 04:29pm

Monzo is fantastic. The best modern digital bank for sure.

Simon

12 Jun 2019 04:09pm

Monzo was the best banking decision I've ever made, first time in my life I've managed to save effectively. I work in the Midlands and in the last 18 months I have known of 10 different people at my work sign up it's fantastic.

David Fisher

12 Jun 2019 03:31pm

Starling best thing I ever did my friend joined as well and says same same..

Susie Baldwin

12 Jun 2019 01:27pm

Really love the starling account. Accessible with some great features including goals and the joint account What really sold it was the no charges for foreign transactions

Tony

12 Jun 2019 01:19pm

I'm with Starling and it is superb. Very fast and easy to use from my smartphone. Only shame is I can't access it on PC

Bob Shearwood

12 Jun 2019 01:09pm

I love Starling.. with all the high street banks closing it's great to have a bank without all the baggage of a traditional bank.

Roufai Abubakar

12 Jun 2019 10:45am

I love Monzo. Talking of modern digital banking - Monzo is super duper!

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