After 8 years, 1 name change and a sausage roll-dispensing “cash machine”, Monzo has hit the landmark of 10 million personal account customers.
The app-based bank has also just turned in its first full year of profitability, as well as boasting nearly half a million business customers.
It’s heartening to see a new bank thrive in this way, and gaining 10 million customers in just 8 years feels like a glowing reference for its service – it doesn’t fare too badly in MoneysavingExpert’s banking customer service ratings, certainly out-performing many traditional banks.
So what’s next for Monzo? They have plans for expansion into the US and Europe, and have started launching further financial products such as pensions and an account for under 16-year olds.
The CEO of Monzo, TS Anil said:
‘What a milestone to add to an already brilliant year! In just under 12 months, two million more customers have chosen Monzo, which means that now one in five UK adults is a Monzo customer. Welcoming more than ten million people to Monzo is an amazing opportunity and ensures more people than ever can experience the Monzo magic. Our uniqueness is in our connection with our customers – and it’s something we’ll stay laser-focused on as we continue to grow and build more game-changing products that transform peoples’ financial lives. We’ve done so much already but we’re just getting started – I’m so excited about what’s next for Monzo.’