Monzo has announced that it welcomed its one millionth current account customer over the weekend.
The digital challenger bank claims that it is signing up 20,000 new customers every week and sends out thousands of new bank cards each day.
It also stated that 80% of its growth comes via word of mouth and referrals from its community of customers.
There is currently no waiting list to join Monzo, so new customers can sign up immediately.
Monzo’s customer base has increased by 75% in less than six months since the closure of its beta prepaid programme in April, which resulted in 95% of its customers upgrading to current accounts.
Monzo customers have collectively spent more than £4bn with their Monzo cards so far and more than £12,000 is spent through Monzo every minute.
The bank currently processes £1bn in payments every month.
“Our community of customers now extends across the UK, and I’m so grateful that more than a million people are helping us build a better bank,” said Tom Blomfield, CEO at Monzo (pictured above).
“But our mission is to make money work for everyone, so this is only just the start.
“We’re working hard to earn our customers’ trust by building a product that solves people’s problems, giving them brilliant customer service and being totally transparent every step of the way.
“This milestone shows that there’s real, mainstream appetite for a bank that’s doing things differently.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
OakNorth adds former PRA director to advisory board
OakNorth has appointed Martin Stewart as an independent adviser on its advisory board...
HM Treasury to discuss diversity at FP Show
Representatives from HM Treasury’s Women in Finance Charter team will take part in a panel discussion on the role of diversity targets at the Finance Professional Show...
Aldermore agrees over £200m of new invoice finance facilities
Aldermore has announced that it has delivered over £200m of new invoice finance facilities to UK SMEs in the last 12 months...
CYBG completes acquisition of Virgin Money
CYBG has completed its acquisition of Virgin Money...
Penta raises €7m in latest investment round
Business bank account Penta has announced that it has raised €7m for its Series A investment round...
STB Commercial Finance opens Leeds office
Secure Trust Bank (STB) Commercial Finance has opened a new office in Leeds as it continues its national expansion...
Starling expands payment services and banking-as-a-service offer
Starling Bank is expanding its banking-as-a-service and payment services offer to enable other companies to offer retail banking and make payments...
Tandem launches Journey Card
Digital bank Tandem has launched a new credit card to help users who don’t have a credit history to build a strong profile...
Starling set to launch business accounts for multi-director limited companies
Starling Bank has announced that the bank would soon open its business accounts for limited companies with multiple directors...
Aldermore increases rates on business savings products
Aldermore has increased rates across its fixed rate and customised fixed rate (CFRA) business savings accounts...
Teachers Building Society amends lending criteria
Teachers Building Society has updated and amended its lending criteria to provide intermediaries with a detailed overview of its requirements for both teacher and non-teacher applicants...