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How many customers does Monzo have?
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Jul 2, 2024 · How many customers does Monzo have? As of May 2023, Monzo has 7.5 million people banking with them, which is 14% of the UK adult population. The number of customers has grown by 28% since February 2022, when it had 5.8 million customers.
“Monzo has been around for seven years – we’re now Britain’s biggest digital bank and have been voted the best British bank by customers.” TS Anil, Monzo CEO 6 million+
66% of new customers joined us through word of mouth People opening an account because a friend or family member told them about us. people bank with Monzo as of May 2023.
Jan 17, 2024 · Monzo generated £355 million revenue in 2023, an 130% increase on the previous year. It reported a £116 million net loss in 2023, £3 million less than in 2022. Monzo had £5.94 billion in customer deposits and £33.6 billion card spend in 2023. Monzo had 7.4 million users in 2023, an increase of 27.5% on the year prior.
A Monzo customer has an average of 28 friends using Monzo Engagement increased faster than customer growth. This means our customers are using Monzo for more and more of their financial lives
As of June 2024, Monzo had over 9.3 million customers. Their most recent financial results, issued in June 2024, showed an annual net profit of £15.3 million (a increase from the £116.3 million lost in the previous year) on revenue of £880.0 million.
Jul 14, 2022 · We welcomed 1m new customers this year and more than 1m are using us as their main bank. Customers are holding an average of £793 in their accounts, a 21% increase from FY2021.” I can’t see any explanation of how Monzo currently define “main bank” usage.
