Share of Monzo bank app downloads worldwide 2023, 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. 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.