Challenger bank Monzo has surpassed 12 million customers in a milestone that places the fintech closer to the scale of the high street incumbents.
Founded a decade ago this year, Monzo’s user count means the group provides accounts for around a fifth of UK adults.
Personal accounts make up the bulk of Monzo users – with more than 11 million – while its business accounts are used by a little over 600,000 companies.
“12 million customers now bank with Monzo! And our growth continues to be driven largely by word of mouth,” said CEO TS Anil.
“It’s not just about opening a bank account. Our customers are bringing more of their financial lives to Monzo than ever before, be it investing, saving, everyday spending or insuring.”
Anil last year at London Tech Week took to the stage to address the company’s high street competitors, issuing the warning “consider yourselves challenged”.
Though a considerable milestone, Monzo’s user count still has some way to go to truly rival Britain’s largest banks.
Lloyds has over 27 million UK customers, HSBC boasts around 41 million and Barclays leads the incumbents with 48 million.
It is, however, another challenger bank that stands tallest, Revolut, which last year surpassed 50 million users – across several dozen countries –, prompting the fintech to host a two-day multimedia festival that included a headline performance from Charli XCX.
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