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Monzo achieves 500,000 current account holders

Jordan Williams | 13:00 Tuesday 20th March 2018

Digital bank Monzo has announced that it now has 500,000 current account holders.

The challenger claims that the milestone figure represents 1% of the UK's adult population.

A total of ?£1.4bn has been spent through Monzo to date.

Monzo gained its full banking licence in April 2017, before launching its current accounts in October last year.

Initially, the accounts were only available to its prepaid users, but this was extended to new customers in December 2017.

Tom Blomfield, CEO at Monzo (pictured above), said: “This is exciting for us, but it's just the start.

“Bringing current accounts to half a million people is another step towards bringing Monzo to a billion.

“We're looking forward to building on it and giving customers more choice and control over their money, and everything it touches.'

The bank said that on average 1,400 new users sign up to Monzo each day, while more than 80% of the company's growth has come through referrals and word of mouth.

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