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. Monzo customers are currently concentrated in the UK which, as of February 2023 made up 82 percent of all downloads.
Customer volume
In December 2021, Monzo officially had roughly five million customers, making it the third largest neobank in Europe, in terms of customers. By May 2022, Statista estimated that Monzo would have more than nine million app downloads, second only to Revolut out of the European based neobanks. As of February 2023, the number of Monzo app downloads worldwide exceeded 13 million.
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.
Market share of Monzo bank app downloads worldwide as of February 2023, by country
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AppMagic. (February 20, 2023). Market share of Monzo bank app downloads worldwide as of February 2023, by country [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/1122577/global-share-of-app-downloads-monzo-bank-worldwide/
AppMagic. "Market share of Monzo bank app downloads worldwide as of February 2023, by country." Chart. February 20, 2023. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/1122577/global-share-of-app-downloads-monzo-bank-worldwide/
AppMagic. (2023). Market share of Monzo bank app downloads worldwide as of February 2023, by country. Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/1122577/global-share-of-app-downloads-monzo-bank-worldwide/
AppMagic. "Market Share of Monzo Bank App Downloads Worldwide as of February 2023, by Country." Statista, Statista Inc., 20 Feb 2023, https://www.statista.com/statistics/1122577/global-share-of-app-downloads-monzo-bank-worldwide/
AppMagic, Market share of Monzo bank app downloads worldwide as of February 2023, by country Statista, https://www.statista.com/statistics/1122577/global-share-of-app-downloads-monzo-bank-worldwide/ (last visited September 01, 2024)
Market share of Monzo bank app downloads worldwide as of February 2023, by country [Graph], AppMagic, February 20, 2023. [Online]. Available: https://www.statista.com/statistics/1122577/global-share-of-app-downloads-monzo-bank-worldwide/