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.”
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