Digital challenger bank Monzo now has more than nine million personal account customers, with two million joining in 2023 alone, according to Finextra.
Monzo is the UK’s largest digital bank and the 7th biggest retail bank in the UK by customer numbers, capturing 1 in 7 adults and 1 in 16 businesses. After years of losses, the bank is expecting to finally hit profitability this year.
TS Anil, CEO at Monzo, says: “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.”
In November it was reported that Alphabet-backed fund Capital G is in talks to acquire a stake in Monzo as part of a funding round that could raise up to £500 million at a £4 billion valuation.
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The digital bank has been at the forefront of the fintech revolution since launching in 2015 and challenges traditional banking models while offering a wide range of convenient features to its customers. Monzo passed the $1 billion valuation, qualifiying it for FinTech ‘unicorn’ status with an £85 million funding round in October 2018. One year later, in May 2019, Monzo has hit the milestone of two million customers.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
