Key financial figures of Monzo Bank 2018-2024

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 2024, Monzo had gained 2.3 million new customers from the previous year. In the year reported, the disruptor bank saw a sharp increase in its customer deposits, which exceeded 11 billion British pounds. Although Monzo 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.