Digital challenger bank Monzo over the weekend welcomed its millionth customer.
20,000 new customers are signing up for Monzo every week, and the bank sends out thousands of new hot coral cards each day. Monzo now accounts for 15% of all new current account openings in the UK.
80% of the bank’s growth comes through word of mouth and referrals from its community of customers. And there’s no longer a waiting list to join Monzo, so new users can sign up straight away.
Monzo’s customer base has grown by 75% in less than six months, since the bank ended its beta prepaid programme in April and saw close to 95% of its customers upgrade to current accounts.
Customers have spent more than £4 billion with their Monzo cards so far, and more than £12,000 is spent through Monzo every minute. The bank now processes £1 billion in payments every month, and more than one in every 100 Faster Payments across the country is made through Monzo.
The average user has 16 contacts on Monzo, and the bank’s app makes it easy to manage money with friends. You can easily split bills, pay your contacts on Monzo in just a few taps, and even pay other Monzo users near you with the bank’s Bluetooth-powered feature, Nearby Friends. People send more than £800,000 to their contacts on Monzo each day.
Available 24/7/365 through the app, Monzo has gained a reputation for providing world-class customer service. That’s proven by a Net Promoter Score (NPS) of +80, the highest of any UK bank across which the average last year was just +4.
Tom Blomfield, CEO of Monzo said: “Our community of customers now extends across the UK, and I’m so grateful that more than a million people are helping us build a better bank. But our mission is to make money work for everyone, so this is only just the start!
“We’re working hard to earn our customers’ trust by building a product that solves people’s problems, giving them brilliant customer service, and being totally transparent every step of the way. This milestone shows that there’s real, mainstream appetite for a bank that’s doing things differently.”