Monzo has revealed that its user base has increased by over 200% in the past year, with over 750,000 people now using its current accounts.
The challenger bank has published its latest financial statement which also highlighted that £2bn has been spent by customers through Monzo.
The bank has managed to grow revenue through lending after making overdrafts available to all eligible customers in April 2018, with around 37,000 people enabling the facility.
Monzo’s short-term goal is to break-even per customer, before working towards overall profitability in the future.
Eileen Burbidge, partner at Passion Capital and investor director at Monzo, said it couldn’t be more proud to see its early growth and traction, as well as its commitment to a strong mission, commercial success and social purpose.
“It has always been our thesis that world-changing technology companies can be started and scaled in Europe, and Monzo is a tremendous testament to this.
“We applaud the company's transparency as much as we do its success in the market, and can't wait to see what it’ll achieve in this coming year."
The bank will soon begin to focus on increasing growth by adding product features with network effects that help people use Monzo together.
Tom Blomfield, CEO at Monzo, predicted that the bank would have “several million” customers by the end of 2019.
“In the last year, we’ve made real progress towards building a sustainable business, and I’m looking forward to the year ahead when we’ll be able to bring Monzo to millions of people, and help them use Monzo together.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...