Monzo Bank Tops 7 Million Customers, Annualized Revenue at £440 Million

Monzo, a top digital bank serving the UK and the US, has surpassed seven million customers, according to an investor update posted on the Monzo community forum.

The post indicates that Monzo has been growing by 150,000 new account sign-ups each month, with 350,000 customers signing up for either the Monzo Plus or Monzo Premium tiers. Approximately 200,000 business customers now utilize the digital bank.

Monzo is highly active on social media to help drive interest and buzz for its modern banking services. Of note, TikTok is its fastest-growing channel, with over 4 million views of its bite-sized videos. Monzo says that approximately 80% of their growth is via “word of mouth.” Have you ever heard or read a similar claim from a traditional bank? I think not.

Annualized revenue as of December 2022 increased a whopping 250% to £440 million. Monzo has also been cash flow positive as of October 2022.

Included in the update is that Monzo says it will launch investments at some point this year, buttressing its strategy of becoming the one Fintech app you need recognizing the users don’t want a dozen different financial apps – they want one (or maybe two) to manage their financial existence.

Monzo is a Fintech that utilized investment crowdfunding to raise growth capital and is a stand-out success as the bank continues to execute. The chatter has now shifted to when, not if, Monzo will float its shares and become a publicly traded firm.

Monzo Bank Ltd is an authorized bank in the UK approved and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority and the PRA. In the US, it is a Neobank utilizing the services of a chartered bank to provide services.

 

@monzoBudgeting idea: set yourself a spending target for the month and Monzo could help you stick to it! #monzo #budgetingtips #howtobudget #moneymindset #moneymanagement #costofliving

♬ original sound – Monzo


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