UK’s digital bank Monzo announces that it surpassed 10 million personal customers in the UK as it continues to make money work for everyone.
The milestone follows Monzo’s first full year of profitability, a funding round and various product announcements as the firm moves forward with pace on its goal to build the one app customers use to manage their financial lives.
Monzo serves 10 million personal customers – 1 in 5 adults in the United Kingdom – and more than 450,000 business customers across the UK.
This year has been full of milestones for Monzo:
- Raised $600 million via round led by CapitalG, Alphabet’s independent growth fund
- Reported its first full year of profitability
- Revealed plans for expansion in the US as well as Europe, with Ireland acting as a gateway
- Introduced new products including security features, Monzo for Under 16s and Monzo Pension
TS Anil, CEO of Monzo, stated:
‘What a milestone to add to an already brilliant year! In just under 12 months, two million more customers have chosen Monzo, which means that now one in five UK adults is a Monzo customer. Welcoming more than ten million people to Monzo is an amazing opportunity and ensures more people than ever can experience the Monzo magic. Our uniqueness is in our connection with our customers – and it’s something we’ll stay laser-focused on as we continue to grow and build more game-changing products that transform peoples’ financial lives. We’ve done so much already but we’re just getting started – I’m so excited about what’s next for Monzo.’”
Earlier, he also shared:
“What a landmark year for Monzo Bank… We … delivered very robust and diversified revenues – with 2.5x growth! – and, as planned, reported our first year of profitability. I’ve never believed in the idea that a company has to choose between being either mission-oriented, or focused on business outcomes. FY2024 proved Monzo is doing both – and that our strategy of placing the customer at the heart of everything we do is working at scale. Over the past few weeks we’ve had many questions about our recent capital raise. What did investors see? What were they saying? They saw a business delivering scale, growth AND profitability. And alongside all of that – they saw the huge opportunity that is ahead of us, and the conviction that we can win it at scale. This is our biggest and best year yet and sets us up brilliantly for future success.”
