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Monzo reaches nine million customer milestone

Monzo reaches nine million customer milestone

Digital challenger bank Monzo now has more than nine million personal account customers, with two million joining in 2023 alone.

Monzo is the UK’s largest digital bank and the 7th biggest retail bank in the UK by customer numbers, capturing 1 in 7 adults and 1 in 16 businesses.

After a rocky post-pandemic, the lender has bounced back strongly, rolling out a series of new services for pension and investment and preparing for a move into the insurance segment. After years of losses, the bank is expecting to finally hit profitability this year.

TS Anil, CEO at Monzo, says: “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.”

In November it was reported that Alphabet-backed fund Capital G is in talks to acquire a stake in Monzo as part of a funding round that could raise up to £500 million at a £4 billion valuation.

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