UK challenger bank Monzo has broken through the three million customer mark, with sign-ups continuing to accelerate for the app-only bank.
The milestone was reached just four months after Monzo hit two million users. The company says it is currently signing up 55,000 new customers every week.
While incumbents take comfort in the fact that the vast majority of Monzo customers have yet to start banking their salaries with the challenger just yet, Monzo’s slick interface and range of customer-friendly features – including budgeting and savings tools and fee-free spending abroad – is clearly winning over smartphone users.
More than £18bn has been spent through Monzo since the bank’s founding in 2015, with £4.9m sent between Monzo users every day.