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Read more…Monzo statistics: Revenue, number of customers and market share
We look at how challenger bank Monzo is growing over time.
Monzo is a fintech challenger bank with the aim of making money work for everyone. On the tube, in the restaurant or at the gym, it seems like everyone’s got one of Monzo’s coral cards these days. But what are the statistics behind the company that seems to be shaking up the retail banking industry? We look at the number of Monzo users, its current valuation and revenue and how the challenger bank has grown since it started.
Quick overview
- Monzo has 7.5 million users as of May 2023, which is 14% of the UK adult population.
- Half of Monzo users (51%) are aged under 35, while those aged 65 and over account for just 4% of Monzo customers. This is similar to Revolut, as 52% of its users are also under 35.
- Monzo was valued at £3.7 billion ($4.5 billion) in 2021.
- The average deposit in a Monzo account is £804 per customer.
- Monzo is the seventh-largest bank in the UK in terms of customer numbers.
- Monzo hit profitability for the first time in 2023.
- Monzo reported £355.6 million in revenue for the 2023 financial year.
- Monzo users spent £33.6 billion on their cards in the 2023 financial year.
- Monzo has had 19 funding rounds and raised a total of approximately £840 million ($1.1 billion).
How many customers does Monzo have?
As of May 2023, Monzo has 7.5 million people banking with them, which is 14% of the UK adult population. The number of customers has grown by 28% since February 2022, when it had 5.8 million customers. Since 2017, when Monzo had just 240,000 customers, its customer base has grown by an impressive 3025%.
In terms of customer numbers, Monzo is the seventh-largest bank in the UK. Around 1.5 million people joined Monzo in 2022/2023 for personal accounts, and 100,000 also joined to access a business account.
| Year | Customers |
|---|---|
| 2017 | 240000 |
| 2018 | 590000 |
| 2019 | 1600000 |
| 2020 | 3900000 |
| 2021 | 5000000 |
| 2022 | 5800000 |
| 2023 | 7500000 |
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. This is similar to Revolut, as 52% of its users are also under 35.
The least popular age group is those aged over 65, as they account for just 4% of customers. Around 2.7 million people aged between 25-34 use Monzo, but only 309,000 over-65s bank with Monzo.
Out of all Monzo customers, an estimated 43.3% are women and 56.7% are men. This means that over 3.2 million women and almost 4.2 million men use Monzo.
| Age group | Percentage |
|---|---|
| 64+ | 4.12% |
| 55-64 | 7.34% |
| 45-54 | 13.98% |
| 35-44 | 23.10% |
| 25-34 | 34.55% |
| 18-24 | 16.91% |
What is Monzo’s revenue in 2023?
Monzo reported its revenue as £355.6 million for the 2023 financial year, up from £154.2 million in 2022, an increase of 131% in year-on-year revenue.
Monzo’s average revenue per user (ARPU) has increased by 70% across both business and personal accounts. This is highest with its business banking customers, who have an ARPU of £404, up 85% from £218 in the 2021-2022 financial year. The ARPU for personal account customers is now £112 in the 2023 financial year, up from 73% in 2022.
Monzo earns some of its revenue from interfacing (which means it takes 0.2% from every debit card transaction). So if you spend £1000, Monzo would earn £2.
In the 2023 financial year, Monzo users spent £33.6 billion on card payments, so Monzo earned an estimated £67.2 million through interfacing.
| Year | Revenue in £ millions |
|---|---|
| 2020 | £67.2 |
| 2021 | £105 |
| 2022 | £154.2 |
| 2023 | £335.6 |
What is Monzo’s valuation in 2023?
Monzo was most recently valued at £3.7 billion ($4.5 billion) when it had a funding round in 2021. In 2023, the challenger bank hit profitability for the first time, with a net operating income of £214.5 million and £6.7 billion in total assets, up by 29% from 2022, when it had £5.2 billion in assets.
How much do Monzo customers spend on their cards?
Between 2022 and 2023, there was a 38% increase in the amount Monzo users spent on their cards, from £24.4 billion to £33.6 billion.
As there were 7.4 million customers at the end of the 2023 financial year, the average customer spent £4,541 on their card throughout the year, which is a monthly average of £378.38.
In 2023, the value of the customer card spend at Monzo was nearly £34 billion, which is an 844% increase from 2019, when only £3.6 billion was spent on cards.
| Year | Customer card spend (billions) |
|---|---|
| 2019 | £3.6 |
| 2020 | £10.8 |
| 2021 | £16.4 |
| 2022 | £24.4 |
| 2023 | £33.6 |
What is the value of Monzo customer deposits?
In 2023, the value of Monzo customer deposits was almost £6 billion, a 33.9% increase from 2022. As there were 7.4 million customers at the end of the 2023 financial year, this means the average value of a customer deposit in this period was £803.51.
| Year | Customer deposits (in mill GBP) |
|---|---|
| 2018 | 71.28 |
| 2019 | 461.82 |
| 2020 | 1,392.52 |
| 2021 | 3,124.05 |
| 2022 | 4,440.65 |
| 2023 | 5,945.95 |
Monzo funding rounds
As of 2023, Monzo has had 19 funding rounds and raised a total of approximately £840 million ($1.1 billion). In its most recent funding round, it raised the largest amount, approximately £360 million ($475 million). The funding has come from 35 investors in total, including the Abu Dhabi Growth Fund and Goodwater Capital.
Other quick Monzo facts
Sources
- Monzo
- Business of Apps
- Statista
- Crunchbase
- Similar Web
Click here for more research. For all media enquiries, please contact
Matt Mckenna
Head of UK communications
T: +44 20 8191 8806
Head of UK communications
T: +44 20 8191 8806
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