UK digital bank Monzo has added another two million customers in the last six months, bringing its total number of individual and business users to 14 million.
Launched in 2015 as one of a wave of challengers taking on the traditional high street giants, Monzo is now the UK's biggest digital bank, topping £1.2 billion in revenue in 2024.
The bank now claims 800,000 business customers - equivalent to one in seven SMEs across the UK. Meanwhile, this week it was named a Which? Recommended Provider for current accounts for the second year running.
Alongside the rapid growth in new customers, existing users are also using Monzo more frequently with around 70% active every month. Meanwhile, over a million personal customers now subscribe to Monzo’s paid plans.
Andy Smart, chief product officer, Monzo, says: "When you build a bank that people love, growth follows. More and more people and businesses are choosing Monzo, they’re using it more often, and they’re trusting us with more of their financial lives."
Monzo has been gearing up for the next stage of its growth, recently hiring former Google and Standard Chartered executive Diana Layfield as CEO ahead of a long-awaited public listing - possibly in the first half of next year - that could see it bag a valuation of between £7 billion and £10 billion.