Established in 2015, Monzo is a United Kingdom (UK) based retail bank that provides current accounts to individuals, limited companies and sole-traders. With no physical branches, Monzo 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, 2023 Monzo had reached 7.4 million customers, up from approximately 5.8 million from the same point in the previous year. Like many newcomers, Monzo had to rely on outside funding and investment as it continued to make a loss.
Competitors
Arguably the largest disruptor bank to come out of Europe is the London-based Revolut. Incorporated in December 2013, Revolut has grown exponentially in terms of both revenue and customers. Another app-based bank that became hugely popular is the Berlin-based N26, which reached the milestone of seven million customers in 2021.
Key figures of Monzo Bank from 2018 to 2023
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2018/19
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2022/23
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Monzo. (May 30, 2023). Key figures of Monzo Bank from 2018 to 2023 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. "Key figures of Monzo Bank from 2018 to 2023." Chart. May 30, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. (2023). Key figures of Monzo Bank from 2018 to 2023. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo. "Key Figures of Monzo Bank from 2018 to 2023." Statista, Statista Inc., 30 May 2023, https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/
Monzo, Key figures of Monzo Bank from 2018 to 2023 Statista, https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/ (last visited July 22, 2024)
Key figures of Monzo Bank from 2018 to 2023 [Graph], Monzo, May 30, 2023. [Online]. Available: https://www.statista.com/statistics/1089588/key-figures-for-monzo-bank-united-kingdom/