Monzo Reaches 13 Million Users Thanks to Strong Expansion, Word-of-Mouth Recommendations, and a Growth Spike in Business Customers
Monzo, the popular digital bank, has had a remarkable year, with significant growth and the launch of several groundbreaking products and features. The bank's adjusted profit before tax soared to £113.9 million in FY2025, and revenues grew by 48% to £1.2 billion.
The past three months have seen Monzo unveil a series of innovative offerings, including Exchange Traded Funds (ETFs), Home Insurance, and the industry-first "Undo Payments" feature. The ETFs, consisting of 11 carefully curated funds, aim to provide customers with more choice in their investing while keeping it simple and accessible for first-time investors. The Undo Payments feature offers users a brief window to cancel a payment after it is made, enhancing user control and security in real-time fund transfers.
Monzo's Home Insurance is a combined buildings and contents policy that allows homeowners to personalise their cover and change or cancel their policy at any time with no extra fees.
The bank's commitment to a personalised, feature-rich user experience has earned it the top spot in the 11:FS Pulse UK Banks and Challengers ranking with a score of 98/100, surpassing traditional banks and other challengers. Monzo's unique app engagement and tailored spending insights continue to set it apart in the digital banking landscape.
Monzo's Business customer base, which now serves 1 in 8 UK businesses, is predominantly female, with 40% being women, more than double the UK average of 15%. This growth indicates that Monzo Business is becoming the bank of choice for Small and Medium Enterprises (SMEs).
The bank's customer base spans various age groups, including those under 16 and over 90. Monzo offers Under 16 accounts to 650,000 customers, and the bank continues to welcome over 300,000 new customers every month.
Two-thirds of new Monzo sign-ups come from word-of-mouth recommendations, a testament to the bank's popularity among its customers. TS Anil, CEO of Monzo, stated that the bank has achieved a rare feat by building a bank that customers love.
Despite the success of recent launches, user feedback suggests a desire for new features like investment account integration and enhanced credit score insights. However, these have not yet been confirmed as launched products.
Monzo aims to support customers at every stage of their financial journey and plans to release more game-changing products and features in the future. The bank continues to push the boundaries of digital banking, combining innovation with a user-friendly experience to meet the needs of its growing customer base.
Key Recent Monzo Innovations (last ~3 months):
- Undo Payments: Industry-first security feature allowing users to cancel sent payments.
- Continued leadership in digital banking UX with highly personalised insights and experiences.
- Maintenance of industry-first features like Gambling Block and Added Security as part of its innovative portfolio.
[1] Source: Monzo user feedback forums [2] Source: Monzo official website [3] Source: 11:FS Pulse UK Banks and Challengers ranking [4] Source: Monzo's product innovation mission statement
Monzo's recent innovation, the Exchange Traded Funds (ETFs), aimed at customers who want more choices in their personal-finance investing, offers a simple and accessible platform for first-time investors. The bank's Home Insurance, allowing homeowners to personalize their policy with ease and flexibility, is another contribution to enhancing their business offerings.
