UK Challenger bank Monzo has announced that one in 20 UK adults use its platform.
The bank now has a total of three million customers.
Monzo reached two million users four months ago.
It’s reportedly signing up 55,000 new customers every week.
What does this mean?
Is Monzo now the biggest challenger bank in the UK? Not quite – Revolut reached 4.5mn customers in March. However, Monzo does have more users than Starling, which had 775,000 accounts according to its latest figures. It’s likely that each bank will continue to grow at a rapid pace, and the winner might be the firm that develops the ‘best’ business offering.