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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 ** percent of all downloads.

Customer volume

In December 2021, Monzo officially had roughly **** million customers, making it the third largest neobank in Europe, in terms of customers. By May 2022, ÌÇÐÄÆƽâ°æ estimated that Monzo would have more than **** 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 ** 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.