Leading digital bank Monzo today announces that it has surpassed 12 million customers, as it continues to advance with its ambition to build the one app customers turn to to manage their entire financial lives.
As Monzo marks its 10th anniversary this year, it now serves over 11 million personal customers — that’s 1 in 5 UK adults — and more than 600,000 business customers, or 1 in 9 UK businesses.
This milestone comes on the back of strong product momentum, with Monzo giving its customers even more visibility and control over their money with multiple new products and features over the past year, including:
• Monzo Team - a pain-saving plan for bigger small businesses that manage multiple payment approvals and expenses for their employees
• Contents Insurance - allowing customers to be covered in minutes, with the freedom to amend their policy or cancel at any time with no fees
• Monzo Split - a free tool to manage shared expenses that can even be used by friends and family who don’t bank with Monzo
• 1p Saving Challenge - an industry-first feature that saw over 1 million customers sign up in just one week
Monzo’s app brings together everything customers need to manage their financial lives — from budgeting and saving to borrowing, investing, tracking their mortgage and consolidating pensions — all in one place. Monzo fully owns and builds its tech stack which supports its always-on platform for its customers - powered by the first of its kind stand-in technology - and delivers never-seen-before features like the Call Status tool, and Added Security through Trusted Contacts, Secret QR codes, and Known Locations. Together, they give customers confidence that their money is not just working for them, but protected at every step.
As another step on its mission to make money work for everyone, Monzo is becoming the first UK bank to publish a book later this year — bringing its unique tone of voice and offering an essential guide that promises to change how people think, feel, and act when it comes to their money.
TS Anil, CEO of Monzo, said: “12 million customers now bank with Monzo! And our growth continues to be driven largely by word of mouth. It's not just about opening a bank account. Our customers are bringing more of their financial lives to Monzo than ever before, be it investing, saving, everyday spending or insuring. We're always working to reinvent how people interact with and feel about their money, with so much more yet to come."