UK’s digital bank Monzo has reportedly reached the 9 million customer milestone.
Monzo now claims over 9 million personal account customers, with 2 million joining in the past year.
The digital banking platform says it has been at the forefront of the fintech innovation since its inception back in 2015 and challenges more conventional banking services.
Monzo provides an extensive range of accessible features to its clients. The virtual bank is also known for its intuitive and seamless mobile banking services and frictionless financial services like its pay over time solution, Flex, and its Business Instant Access Savings; of which it claims over 380,000 business customers
The majority of this steady growth has been attributed to word of mouth referrals and comesoff the back of a series of product launches such as Investments, Instant Access Savings and Cashback.
Monzo claims it is among the UK’s largest digital banks and the 7th largest retail bank in the country by customer numbers with 1 in 7 adults in the nations currently choosing to bank with a Monzo – and 1 in 16 business organizations.
TS Anil, CEO at Monzo, stated:
“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.”
As reported in November of last year, Digital bank Monzo has appointed Phoebe Chibuzo Hugh, the founder of digital insurance firm Brolly, in order to help the challenger bank with entering the insurance services sector.
Hugh reportedly launched insurtech Brolly back in 2016 following a couple rounds of the incubator program Entrepreneur First. The firm was later acquired by Direct Line in 2020, where Hugh had orked as head of product innovation and later venture CEO.
Hugh confirmed the news her role with Monzo via a post on LinkedIn.
She stated last year:
“Monzo has revolutionized banking, savings, lending, investments, and soon, we’ll bring this to insurance. Monzo’s mission has always resonated with me: to make money work for everyone — a concept they’ve turned from a lofty ideal into a daily reality. There is no better launchpad for the future of insurance than the UK’s favourite challenger bank.”