Monzo halts cash referrals as it hits three million users

Monzo has ended its cash incentivised referral system as the firm continues to grow users at a rapid pace.

Monzo now has passed the 3 million ‘users’ number, hitting the milestone late on yesterday and is now onboarding 55,000 people to Monzo every week.

The digital bank says that one in 20 adults in the UK now has a Monzo account. Monzo introduced cash referrals last December and, according to a Monzo spokesperson, saw 100,000 people came through the referral programme. 

Assuming both parties received £5, this would suggest Monzo paid out £1,000,000 in referral bonuses.

It ended the scheme on Friday 6th September but users will still get £5 for everyone who already used the referral link and entered their email before the 5th of September.