Monzo has hit 2 million current account customers, signing up more than 35,000 new people every week.
The impressive growth means that 3 in every 100 people in the UK now use the digital bank.
Tom Blomfield, CEO at Monzo said: “A huge thanks to all 2 million people using Monzo, for joining us to build a bank together.
Our mission is to make money work for everyone, and we can’t wait to solve more of our customers’ problems and bring Monzo to even more people.”
Ian Bradbury, Financial Services CTO at Fujitsu UK & Ireland, told TFT:
“Today marks a milestone not only for Monzo, which is set to surpass 2 million customers, but also for the future of banking in general. The emergence of challenger banks has been a topic of interest for some time; and the trend towards digital-only banking isn’t going away anytime soon as more and more challenger banks become mainstream and gain market share.
This is partly driven by the demands and expectations of the modern consumer. As customers hunt for convenience, low rates and speed, the sector is being revolutionised by technology, presenting banking with a hugely exciting future. According to our own research, 73% of the public believe that banking has already been dramatically changed by technology, while 95% of financial services leaders agree technology is driving change in their organisation. It will be interesting to see how these new digital services use fresh innovations to differentiate themselves in an increasingly crowded market.
However, while Monzo and other challenger banks are able to leverage the latest tech to gain that competitive advantage, this comes with its own risks. In the race to gain market share, they must ensure that regulation, privacy and security remain a top priority.”