Monzo has surpassed 13 million customers, marking a new milestone for the UK-based digital bank.
In an announcement on Wednesday, the bank revealed that its customer base now includes 12.5 million personal account holders, around 20% of the UK’s adult population, along with over 700,000 business clients. The company said it added roughly one million users over the last three months alone.
This news follows the publication of Monzo’s latest annual report in June, which showed revenue rising by 48% to £1.2 billion (approximately $1.6 billion). Customer numbers at that time had grown 25% to 12.2 million, with total deposits climbing to £16.6 billion ($22.5 billion), also a 48% increase.
“Since then, Monzo has welcomed over 300,000 new customers every month, with May and June the biggest months on record for new sign-ups,” the company said in its latest statement.
According to Monzo, two-thirds of these new customers joined after hearing about the service through friends or family. The bank’s 13 millionth customer, for instance, was a woman in her 50s who signed up after being referred by someone she knew.
Monzo has also been promoting some of its latest product features, including the recently launched “Undo Payments.” The tool gives users a brief window, between 10 to 60 seconds, to cancel a transfer in case of an error. Monzo described it as an “industry-first security feature.”
The bank also reported continued traction among small business owners. “Monzo is fast becoming the bank of choice for small business owners, especially female founders,” the statement read.
