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.”

In August, Monzo made its current account available to UK-based 16- to 17-year-olds.