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
Wyelands Bank completes $12m trade finance deal
Wyelands Bank has provided a trade finance deal for Canon Garth worth up to $12m annually...
The UK's SME productivity challenge
There are many millstones hanging around the neck of Britain’s economy in early 2019...
Metro Bank, Starling and ClearBank awarded £280m of funding
Metro Bank has secured £120m in funding from Banking Competition Remedies Limited (BCR)...
Falcon Private Bank to discontinue UK operations
Falcon Private Bank has decided to discontinue its UK operations and sell the assets of its London-based subsidiary, Falcon Private Wealth Ltd, to Dolfin Financial (UK) Ltd...
Revolut CEO calls for specialised tech visas
Nik Storonsky, CEO at Revolut (pictured above), has called on the UK government to introduce specialised visas for technology professionals...
Aldermore appoints new head of intermediary distribution
Aldermore has appointed Nick Parker (pictured above) as its new head of intermediary distribution within its retail mortgage business...
Ipswich Building Society to develop enhanced savings proposition over next two years
Ipswich Building Society has confirmed that it will develop an enhanced savings proposition over the next two years, with a focus on both digital and face-to-face services...
BTR: Tenant poacher or happy bedfellow?
The sand has been shifting so much under the feet of private landlords that many may believe they are becoming an endangered species...
Paragon bolsters asset finance team
Paragon has appointed Jan Greenhalgh as head of new business within its asset finance division...
Gatehouse Bank appoints new director
Gatehouse Bank has appointed Roger Evans (pictured above) as its new director of home finance distribution...
Rob Lankey to join Shawbrook as director of commercial investment
Shawbrook has announced that Rob Lankey (pictured above) will join as its new director of commercial investment at the end of February...