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Established in 2015, Monzo is a 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 that run accounts online through mobile apps. Between 2018 and 2024, Monzo increased its customer base steadily, along with displaying several other positive indicators. In 2024, the ratio of customers gained increased notably, reaching **** in the third quarter of the year, but remaining above *** in the last quarter as well. 

Monzo's customer trends

Customer growth is often considered the most critical driver for banks seeking to disrupt the market. Monzo experienced significant customer challenges in the United Kingdom, with net customer losses throughout 2022 and 2023. However, the second quarter of 2024 marked a turning point, with Monzo achieving a positive acquisition ratio of *** percent, and customer retention remaind strong in the following quarters. During the first quarter of 2025, over new customers joined the bank, signaling a potential recovery in its customer growth strategy. The positive acquisition ratio persisted in the following quarters as well. 

Disruptor banks

In 2024, European disruptor banks continued to attract new customers. Revolut, headquartered in London, has emerged as the leading digital bank in Europe, significantly outpacing other digital banks in customer numbers. Several online banks in the region have secured venture capital funding, achieving unicorn status. As of September 2024, Monzo ranked as the third most valuable online bank unicorn in Europe.