15 February 2024

Monzo reaches 9 million customer milestone

Written By FinTech Alliance

Monzo reaches 9 million customer milestone

Monzo now has more than 9 million personal account customers, with 2 million joining in 2023 alone.

In brief:

- The digital bank has been at the forefront of the fintech revolution since launching in 2015 and challenges traditional banking models while offering a wide range of convenient features to its customers. 

- The vast majority of this growth has been driven by word of mouth referrals and off the back of a string of product launches including Investments, Instant Access Savings and Cashback.

- Monzo are the UK’s largest digital bank and the 7th biggest retail bank in the UK by customer numbers with 1 in 7 adults in the UK now choose to bank with a Monzo – and 1 in 16 businesses.

What does mean?

TS Anil, CEO at Monzo, said: “To have more than 9m customers open a Monzo account, largely via word of mouth, is testament to the magic of Monzo and the customer-centricity that is part of our DNA. We hear from customers every day about how Monzo has transformed their financial lives – which is even more exciting when you consider that there is so much more to come on our journey to build the one app that answers all of their money needs.”

Read more here.

Up Next ...
12 April 2024

FinTech startup Pactio raises $14mn

The round was spearheaded by EQT Ventures. In brief:- Pactio is ...

12 April 2024

FinTech Mimo raises £15.5mn

Plans to develop financial management platform. In brief:- The company is ...

12 April 2024

Revolut to launch app in India

After receiving the PPI license from RBI. In brief:- Revolut India ...

11 April 2024

Credit FinTech Petal agrees sale to Empower

Empower Finance has agreed to buy US credit FinTech Petal ...

More in Banking

Posted By The Community

Targeting $180M in Revenue, Vault Aims to Lead the $50B Digital Crypto Banking Market

27 March 2024

Vault's approach of providing personalized, effective, and affordable white label solutions for digital and crypto banking has captured the interest of a diverse range of...

Written By: Vault

Santander evolves in-person bank format

27 March 2024

Tailors experience to meet customer needs.In brief:- Santander Bank, announced ...

NatWest invests in Icon Solutions

15 March 2024

NatWest has taken a minority stake in British payments technology ...

Starling Bank appoints new CEO

13 March 2024

Starling Bank appoints Raman Bhatia as Group Chief Executive Officer ...

White Papers Banking

Consumer Banking Report 2024

29 February 2024

In the fourth iteration of EPAM's report, we surveyed 9,000 retail banking consumers evenly distribu...

White Papers Banking

Navigating the challenges of working with banks

12 June 2023

Banks and FinTechs are increasingly in need of each other. For incumbent banks, especially, the adop...

White Papers Banking

EPAM Continuum: Consumer Banking Report 2022

09 November 2022

EPAAM Continuum has released its third annual consumer banking report. Surveying 26,000 people...

White Papers Banking

How to Choose the Right Core Banking Provider: 5 Key Takeaways

03 March 2022

Market pressure, changing consumer expectations and rapid developments in technology; combined, thes...

There are no Events in this category