Monzo has announced that it now has over nine million customers.

The news comes after two million new customers joined the digital banking platform last year.

Monzo said that the vast majority of this growth has been driven by word of mouth referrals and a string of product launches including Investments, Instant Access Savings and Cashback.

The bank describes itself as the UK’s largest digital bank and the 7th biggest retail bank in the UK by customer numbers.

Monzo also now has more than 380,000 business customers

“To have more than 9 million customers open a Monzo account, largely via word of mouth, is testament to the magic of Monzo and the customer-centricity that is part of our DNA," said TS Anil, chief executive, Monzo. "We hear from customers every day about how Monzo has transformed their financial lives - which is even more exciting when you consider that there is so much more to come on our journey to build the one app that answers all of their money needs.”

Last year, Monzo was rated the top personal and business current account provider in Great Britain.

Starling Bank came in second place for both types of current account, according to the Competition and Markets Authority's (CMA) latest survey on banking satisfaction.

The league table is part of the Retail Banking Order, a set of reforms launched by the regulator after its retail banking market investigation in 2016.

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