• Monzo Bank: key figures 2019

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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, 2019 Monzo banks had 1.6 million customers, up with more than a 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) in the year ending February 2019

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Release date

July 2019

More information

Region

United Kingdom

Survey time period

February 28, 2019

Supplementary notes

* New customers between February 2018 and February 2019.
** 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.