Monzo is a fintech challenger bank with the aim of making money work for everyone. Whether it’s on the tube, in the supermarket or at a restaurant, we’ve all seen one of Monzo’s coral cards in the last few years. But what are the statistics behind the popular fintech? We look at the number of Monzo users, its current valuation and its growth in the last few years.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
Read the full methodologyAs of 2025, Monzo has more than 12 million customers. This means that around a fifth (22%) of the UK adult population is a part of the Monzo community.
The number of people using Monzo has increased sharply over the past 8 years. When Monzo started, they only had 240,000 customers. Unsurprisingly, with the rise of digital banking, Monzo’s customer base has grown by an impressive 4900% in that time.
It also seems as though Monzo’s customer base will continue to grow. Just this year, around 2.2 million people have joined Monzo for personal accounts, while a further 200,000 have joined to access a business account.
| Year | Customers |
|---|---|
| 2017 | 240,000 |
| 2018 | 590,000 |
| 2019 | 1.6 million |
| 2020 | 3.9 million |
| 2021 | 5 million |
| 2022 | 5.8 million |
| 2023 | 7.5 million |
| 2024 | 10 million |
| 2025 | 12 million |
The most popular age group for Monzo users is between 25-34, who make up 36% of Monzo customers. In fact, half of Monzo’s customers (51%) are aged under 35. The least popular age group is those aged over 65, as they account for just 4% of customers.
| Age group | Percentage |
|---|---|
| 18-24 | 16.9% |
| 25-34 | 34.6% |
| 35-44 | 23.1% |
| 45-54 | 14% |
| 55-64 | 7.3% |
| 65+ | 4.1% |
Monzo reported its revenue as £1.2 billion for the 2025 financial year, up from £800 million in 2024, a 50% increase in year-on-year revenue.
Monzo’s revenue has increased significantly in the past 5 years. In 2020, Monzo’s revenue was just £67.2 million which means it has experienced a sharp increase of nearly 1690% between 2020 and 2025.
This represents a positive trend in the revenue that fintech challenger banks such as Monzo could make in the coming years.
| Year | Monzo revenue in millions (£) |
|---|---|
| 2020 | £67.2 |
| 2021 | £105 |
| 2022 | £154.2 |
| 2023 | £335.6 |
| 2024 | £800 million |
| 2025 | £1.2 billion |
In October 2024, Monzo was valued at £4.5 billion ($5.9 billion), up from a valuation of £3.6 billion ($4.6 billion). In March 2024, an increase of 18%. This raises growth opportunities for Monzo as they are planning to set up offices in Ireland.
In the past year, there was a 27.8% increase in the amount Monzo users spent on their cards, going from £43.2 billion in the financial year ending in 2024 to £55.2 billion in 2025.
As there are currently 12 million customers belonging to the Monzo community, the average customer has spent £4600 a year on their card, which is a monthly average of £383.33.
| Year | Customer card spend (billions) |
|---|---|
| 2019 | £3.6 |
| 2020 | £10.8 |
| 2021 | £16.4 |
| 2022 | £24.4 |
| 2023 | £33.6 |
| 2024 | £43.2 |
| 2025 | £55.2 |
In 2025, the value of customer deposits is almost £17 billion, a 48.2% increase from 2024. As of 2025, there are 12 million customers, so the average value of a customer deposit is £1383.28.
| Year | Customer deposits (in mill GBP) |
|---|---|
| 2018 | £71.3 |
| 2019 | £461.8 |
| 2020 | £1,392.5 |
| 2021 | £3,124.1 |
| 2022 | £4,440.7 |
| 2023 | £5,946 |
| 2024 | £11,197.6 |
| 2025 | £16,599.4 |
Sophie Barber
Communications Manager
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