We’re so excited to say that more than two million people are now using Monzo!
Missed the actual announcement over the weekend but CONGRATS to everyone at Monzo for this major accomplishment!
Love some good stats and congrats too
While reaching the 2 million mark is a considerable achievement - this is the number of signup’s not the number of customers actively using Monzo.
As an investor, I would be interested to know what the figures are a) net of any transfers out of Monzo/account closures and b) what % of the userbase actively use their accounts as opposed to having signed up and then decided its not for them
this is the number of open accounts.
A friend of mine signed up on Saturday and his number was already over 2M.
1h to rain on the parade huh. Good work!
Will be interesting to see how the TV ads boost that figure to 3 million!
Reasonable question, but could ask the same of HSBC, N26, Starling and Dozens - I have accounts with all of them, but barely touch them as I am doing everything (except a couple of HSBC-specific payments) through Monzo
Bet HSBC are not knocking one off their 17 million for the benefit of shareholders
The number Monzo displays is the number of open (not closed) accounts. A dormant account is still an open account
To add to that, aren’t Monzo at the point where it doesn’t “cost” them to open an account? That in terms of actually maintaining an individual account the cost is spread across the now 2 million accounts so that even a ‘dormant’ account isn’t actually costing Monzo money.
I believe they are… Seem to remember it being talked about at the last Monzo event.
What did the 2 millionth customer get?!
The best bank account.
Will the new ad highlight this?
Funny you should mention HSBC and their number of active customers… i was reading some stats the other day at https://www.statista.com/statistics/940560/number-of-customers-at-select-banks-in-the-united-kingdom/ (sorry if there’s a paywall… there wasn’t when I first looked) and it states that in 2007 they had 15.6m customers (top-line/ no mention of activity) and then in 2017 they had 8 million “active customers of retail banking / wealth management”.
That suggests they may have as much as 50% dormancy and creative use of numbers. I reckon Monzo has very high numbers compared to legacy banks. After all, every Monzo account was opened in the last 1 and a bit years, whereas for banks founded in the 1800’s like Lloyd’s and RBS you are looking at an average account age of 20-40 years and very possibly some where the account holder is no longer even alive, let alone the close to 2m people who are leaving their legacy account dormant and banking with Monzo or Starling instead.
Yeah, I thought this was true until the weekend but it really is the number of people ‘using’ Monzo (i.e. having an open account) and not the number of people who have ‘ever used’ Monzo.