Monzo boss hails “Monzo magic” as UK challenger bank hits nine million plus UK retail customers

Monzo (today) said it has crossed the nine million UK personal current account milestone, saying it had hoovered up two million customers last year alone.

Monzo CEO TS Anil hailed the achievement as “testament of the magic of Monzo”.

The nine million figure, which was achieved earlier this month, relates to Monzo UK personal current accounts.

Monzo says it also has more than 380,000 business customers. Monzo has not disclosed customer numbers in the US, where it is also present.

By comparison, rival challenger bank Revolut says it has more than 35 million customers, with around 6.8 million in the UK, while another high- profile UK challenger bank Starling has around 3.6 million customers.

Publicising its achievement today, Monzo said the bulk of its growth had been driven by word of mouth referrals and pointed out that Monzo was the biggest challenger bank in the UK and the seventh biggest retail bank in the UK – by customer numbers.

Monzo, which late last year was reportedly working on a £300m+ funding round valuing Monzo at more than £3.5bn, reported a loss of £116.3 million in the year ending February 2023 on income of £214.5 million.

Anil said:

“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.”