Leading digital bank Monzo today announces that it has surpassed 10 million personal customers in the UK as it continues on its mission to make money work for everyone.
The milestone follows Monzo’s first full year of profitability, a bumper funding round and multiple product announcements as the company moves further forward with pace on its ambition to build the one app customers turn to to manage their entire financial lives.
Monzo now serves more than 10m personal customers - 1 in 5 adults in the UK - and more than 450,000 business customers in the UK. 2024 has already been a year of milestones for Monzo, in which it has:
• Raised $600m in a funding round led by CapitalG, Alphabet’s independent growth fund
• Reported its first full year of profitability
• Announced plans for expansion in the US and Europe, with Ireland acting as a gateway
• Launched multiple new products including a trio of security features, Monzo for Under 16s and Monzo Pension
TS Anil, CEO of Monzo, said:
‘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.’