Monzo continues to achieve big milestones amid product innovation along with the strategy of covering the financial needs of the general public ranging from debit cards to personal finance products.
The challenger bank has achieved the two million current account customer target in less than 18 months. Almost 35,000 customers are signing up weekly for Monzo current account. It has added 1,250,000 customers since last summer, which is a big achievement for a small size bank with little physical presence.
The digital bank Monzo claims its two million customers spent close to £10.7 billion using their cards.
The substantial growth in customer account indicates that Monzo has been successfully covering the financial need of its customers. The company plans to capitalize on the gig economy and the robust growth in freelancer’s numbers by rolling out a business account.
According to Upwork report, almost 46% of Generation Z workers are freelancers. The business account would also help in attracting small and medium-sized entrepreneurs.
Chief executive Tom Blomfield said, “A huge thanks to all 2m 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.”
It has also recently launch marketplace partnerships with Oaknorth, Octopus and Ovo Energy. In addition, the bank is looking to expand its personal finance offerings and improve its budgeting tools.
With the growth in customer base and product offerings, the company has been recruiting heavily over the last two years. The bank has already advertised close to 80 jobs; the total number of employees stands around 800 at present.
The biggest challenge for Monzo is its cost structure, which is significantly hurting its profit generation potential. It is working on creating its own technology to reduce the cost of each active account.