• Monzo Bank: key figures 2019

Established in 2015, Monzo bank is a United Kingdom (UK) based retail bank that provides current accounts to individuals, limited companies and sole-traders. With no physical branches, Monzo bank is one of a growing number of disruptor or challenger banks which run accounts online through mobile apps.

Key figures

In the year ending February 29, 2020 Monzo banks had reached 3.9 million customers, up by approximately 2.3 million from the same point in the previous year. The bank also looked to expand its global reach in early 2019, announcing plans to launch a prepaid card product in the United States. Like many newcomers, Monzo has had to rely on outside funding and investment as it continues to make a loss.

Competitors

Arguably the largest disruptor bank to come out of Europe is the London based Revolut. Incorporated in December 2013, the London based digital bank Revolut has grown exponentially in terms of both revenue and customers. Another app-based bank that has become hugely popular is the Berlin based N26.

Key figures for Monzo Bank Group in the United Kingdom (UK) for the financial years 2019 and 2020

Characteristic	2018/19	2019/20
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Release date

July 2020

More information

Region

United Kingdom

Survey time period

March 1st 2018 to February 29th, 2020

Supplementary notes

* New customers between March 1st and February 28/29th reporting period.
** Per-user contribution margin (revenue minus variable costs including expected credit losses). This KPI measures whether each active customer using the bank generates more incremental revenue than they cost.

Figures rounded.