Monzo hits two million customer milestone

Monzo hits two million customer milestone

UK challenger bank Monzo has broken through the two million customer mark, with sign-ups continuing to accelerate for the app-only bank.

The milestone was reached in the early hours of Monday morning. It comes just over two years since Monzo achieved its banking licence and eight months after supassing the one million account mark. The company says it is currently signing up 35,000 new customers every week.

While incumbents take comfort in the fact that the vast majority of Monzo customers have yet to start banking their salaries with the challenger just yet, Monzo's slick interface and range of customer-friendly features - including budgeting and savings tools and fee-free spending abroad - is clearly winning over smartphone users.

More than £10.7bn has been spent through Monzo since the bank’s founding in 2015, with £2.9m sent between Monzo users every day.

Eileen Burbidge of Passion Capital, an early investor in Monzo, was quick to trumpet the brand's success.

Monzo is already looking beyond the UK as it bids to export its successful model to to other countries. In April, reports surfaced that the challenger was lining up a £100 million investment from an American investor, which would raise its valuation above £2 billion and lead to a US launch.

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