UK digital-only bank hits 2 million users milestone

3% of the UK is now signed up to the bank

UK digital-only bank hits 2 million users milestone. Source:

UK digital-only bank Monzo announced it has reached 2 million customers milestone. This happens in two years since Monzo achieved its banking license. The previous milestone of 1 million accounts was reached by the bank 8 months ago.

Monzo’s rival Revolut has more than 4 million customers. However, Revolut also operates across the EU and in Australia, while Monzo runs its business only in the UK.

Monzo has shared a list of its achievements and major milestones reached since the bank’s founding in 2015:

  1. More than £10.7 billion has been spent by users.
  2. £2.9 million sent between Monzo users every day.
  3. 3 in every 100 people in the UK are now using Monzo.
  4. 35,000 new customers sign up to Monzo every week.
  5. Users spend around £31,434 every minute.

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