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 28, 2021 Monzo banks had reached five million customers, up by approximately one million from the same point in the previous year. 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 in the United Kingdom (UK) for the financial years from 2019 to 2021
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Monzo. (July 30, 2021). Key figures for Monzo Bank in the United Kingdom (UK) for the financial years from 2019 to 2021 [Graph]. In Statista. Retrieved July 04, 2022, from https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. "Key figures for Monzo Bank in the United Kingdom (UK) for the financial years from 2019 to 2021." Chart. July 30, 2021. Statista. Accessed July 04, 2022. https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. (2021). Key figures for Monzo Bank in the United Kingdom (UK) for the financial years from 2019 to 2021. Statista. Statista Inc.. Accessed: July 04, 2022. https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. "Key Figures for Monzo Bank in The United Kingdom (Uk) for The Financial Years from 2019 to 2021." Statista, Statista Inc., 30 Jul 2021, https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo, Key figures for Monzo Bank in the United Kingdom (UK) for the financial years from 2019 to 2021 Statista, https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/ (last visited July 04, 2022)
