Key financial figures for Monzo Bank UK 2019-2021

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 2021, Monzo had gained one million new customers from the previous year. In the year reported, the disruptor bank more than doubled its customer deposits, which exceeded three billion British pounds. Although Monzo bank has seen a surge in customers since starting operation, it is still far behind other online only banks in Europe.

Disruptors

Banking and financial services are typically among the first industries to embrace technological advances; starting as far back in time as the appearance of automated teller machines (ATMs) and credit cards. Ever since the first secure Internet systems for financial operations became available on a large scale, accessing one's bank account online to carry out transactions, pay off credit cards, establish credit lines or invest savings became one of the fastest growing areas of Internet activities. The penetration of online banking in Great Britain has been excelled in part to the agility in which digital banks can adapt and evolve, as well as their ability to attract large amounts of funding.