Monzo hits two million customer milestone

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Monzo hits two million customer milestone

By Hannah McGrath

20/05/2019

Monzo has hit the milestone of two million customers today, with more than £10.7 billion spent through its banking app since the launch of its debit card service in 2015.

More than £2.9 million is sent between users with Monzo accounts on a daily basis, the company claimed, as it forges ahead with efforts to catch up with nearest digital banking rival Revolut, which counts more than four million users across the UK, Europe and Australia.

The London-based mobile bank also claimed to have 35,000 customers signing up to its current account service every week.

This comes after news last month that Monzo would overtake Revolut as the UK’s second-highest valued FinTech, after reportedly securing £100 million in its latest funding round.

Monzo passed the $1 billion valuation, qualifiying it for FinTech ‘unicorn’ status with an £85 million funding round in October last year.

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