Established in 2015, Monzo is a United Kingdom (UK) based retail bank that provides current accounts to individuals, limited companies and sole-traders. With no physical branches, Monzo is one of a growing number of disruptor or challenger banks which run accounts online through mobile apps.
In the year ending February 28, 2023 Monzo had reached 7.4 million customers, up from approximately 5.8 million from the same point in the previous year. Like many newcomers, Monzo had to rely on outside funding and investment as it continued to make a loss.
Arguably the largest disruptor bank to come out of Europe is the London-based Revolut. Incorporated in December 2013, Revolut has grown exponentially in terms of both revenue and customers. Another app-based bank that became hugely popular is the Berlin-based N26, which reached the milestone of seven million customers in 2021.
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Monzo. (May 30, 2023). Key figures for Monzo Bank from 2018 to 2023 [Graph]. In Statista. Retrieved September 28, 2023, from https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. "Key figures for Monzo Bank from 2018 to 2023." Chart. May 30, 2023. Statista. Accessed September 28, 2023. https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. (2023). Key figures for Monzo Bank from 2018 to 2023. Statista. Statista Inc.. Accessed: September 28, 2023. https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. "Key Figures for Monzo Bank from 2018 to 2023." Statista, Statista Inc., 30 May 2023, https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo, Key figures for Monzo Bank from 2018 to 2023 Statista, https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/ (last visited September 28, 2023)
Key figures for Monzo Bank from 2018 to 2023 [Graph], Monzo, May 30, 2023. [Online]. Available: https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/