Monese lands 2m customers since 2016 launch

Challenger banking app Monese this morning revealed its core UK market has reached 800,000 customers, pushing its overall customer base across Europe to 2m.

The figures also show Monese has managed to maintain its market position as a primary bank account provider, with 70% of its incoming funds coming from salary payments.

“It took 42 months to get to one million customers and only eight months to reach today’s milestone,” said CEO and Founder Norris Koppel.

“The past 12 months alone has also seen the business launch pioneering products such as Europe’s first cross-border joint account, the introduction of UK joint accounts, an exclusive Avios partnership. This is only the beginning. I look forward to an exciting year ahead.”

France and Germany are Monese’s next biggest markets after the UK, and accounted for 200,000 sign-ups in the last year alone.

Mainland Europe is now responsible for three-quarters of Monese’s growth over the last six months, during which the fintech has doubled its customer signups.

At its current pace of growth, Monese now expects to reach 5m sign-ups by the end of 2020.