Share of Monzo bank app downloads worldwide 2021, by country

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. According to data provided by Airnow, Monzo customers are currently concentrated in the UK which, as of October 2021 made up 85 percent of all IOS and Android downloads.

Customer volume

In February 2020, Monzo officially had under four million customers. In terms of app downloads, which can include double downloads as well as inactive accounts, Monzo surpassed five million in May 2020. By May 2022, Statista has forecast that Monzo will have more than nine million app downloads, second only to Revolut out of the European based neobanks.  

Winning over customers

Since the second quarter of 2018, Monzo have seen a consistently positive ratio of customers gained in the UK. As it stands, app-only banks as well as banks with a sustainable finance business model have displayed the highest customer gained ratios of banks in the UK.