Monzo has surpassed 14 million customers, with the digital bank onboarding two million across the six months to September.

During the period, numbers grew by nearly 40 per cent compared to last year.

Monzo is currently the largest digital bank in the UK and 7th largest overall by customer numbers.

The neobank also topped 800,000 business customers, with sign-ups during the first half increasing by 50 per cent.

Monzo said that customers are now using the bank "more than ever", with around 70 per cent of customers using it every month and a further one million subscribing to a paid plan for extra perks and features.

“When you build a bank that people love, growth follows," said Andy Smart, chief product officer, Monzo. "More and more people and businesses are choosing Monzo, they’re using it more often, and they’re trusting us with more of their financial lives."

He continued: "Customers tell us that we’re transforming their relationship with money, building deep engagement and trust that turns new customer sign-ups into long-term relationships. That is what really powers our success.”

It has been a busy year for Monzo, with the bank rolling out a new built-in tax filing tool for sole traders and landlords in October.

The Financial Times also recently revealed that Monzo is in the early stages of creating a UK mobile phone service, setting up a new front in its contest with established telecoms operators and rival FinTechs.

In the summer, Monzo announced the launch of a new buildings insurance product.

The product will be combined with the neobank's existing contents insurance, which was rolled out in April.

Last month, the challenger bank named Diana Layfield, a former Google and Standard Chartered executive, as group chief executive, with the handover expected in February subject to regulatory approval.

TS Anil, who has led the organisation for nearly six years, will step into an advisory role.

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