UK Neobank Monzo Customer Count Exceeds 10 Million

British digital bank Monzo says it has more than 10 million personal customers. 

This milestone, announced Tuesday (Aug. 6), comes weeks after the company reached its first full year of profitability and amid an increasing embrace of connected banking.

“What a milestone to add to an already brilliant year,” CEO TS Anil said in a news release provided to PYMNTS. “In just under 12 months, two million more customers have chosen Monzo, which means that now one in five U.K. adults is a Monzo customer.”

Monzo in May raised $190 million, valuing the company at $5.2 billion as it plans to expand into the United States. Last year, the bank hired former Cash App Head of Product Conor Walsh to serve as its U.S. CEO. The company is also planning to expand into Europe via Ireland, and said in June it was beginning stages of opening an office in Dublin.

And in June, Monzo released an annual report that showed a profit before tax of $19.5 million (£15.4 million) versus a loss of £116.3m in the prior year.

Monzo also recently debuted Monzo for Under 16s, a bank account designed to offer money management skills to kids between the ages of 6 and 15. 

“The account gives children the opportunity to experience magic money firsts like saving, budgeting, receiving pocket money or using a card to pay in a shop, all while giving parents or guardians complete control and visibility to ensure they’re managing their money safely,” Monzo said in a news release.

The company’s success is happening amid — as was noted here recently — the “inexorable rise of connected banking.”

The PYMNTS Intelligence report “How the World Does Digital” found that of the 60,000 consumers studied last year — a sample that represents about 800 million people in 11 countries — 42% engage with online banking, while 46.8% bank through mobile means.

“Drilling down a bit, the total average days tied to those activities stood at more than 10 days for online banking and more than 11 days for mobile banking,” PYMNTS wrote. “In 2023, about two-thirds of consumers used an app on their phone for banking (mobile banking, 68.6%) or from their desktop with a browser (online banking, 66.6%) at least monthly. Almost 47% used mobile banking at least weekly, and 42% used online banking at least weekly.”