Monzo statistics

With a valuation of £1.25 billion, Monzo is one of Britain's biggest startups to date.

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Charlie Barton
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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?

Monzo is a fintech challenger bank with the aim of making money work for everyone. It provides a debit card and an app that has revolutionised personal banking. The app is jam-packed with amazing features, including a normal current account, an integrated savings account, a salary sorter, spending budgets, savings pots, instant spending notification and free cash withdrawals abroad.

Quick stats

  • Who founded Monzo? Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman in 2015.
  • Where are Monzo’s headquarters? Monzo is headquartered in London, with offices in Cardiff, Las Vegas and Los Angeles.
  • How much funding does Monzo have? Monzo’s total funding as of 2020 is close to £373 million.
  • How much revenue does Monzo make? Monzo made £40 million in revenue in FY 2019 (based on May 2019 revenue).
  • What is Monzo’s valuation? Monzo has a £1.25 billion market valuation, a drop of £750 million from 2019 due to COVID-19.
  • What’s the average deposit? The average deposit in a Monzo account is £359, meaning that most people use Monzo as a second bank account.
  • Who uses Monzo? 72% of all of Monzo’s customers are under 34 years old.
  • Has Monzo ever won any awards? Among other prizes, such as being named the most sought-after startup in the UK by LinkedIn, Monzo was named the UK’s most recommended brand by YouGov in 2019.

Monzo’s growth over time

Following in the footsteps of many other young startups keen for growth, Monzo began raising money via a crowdfunding campaign. Calling the campaign a success would be somewhat of an understatement, as it reached its goal of £1 million in just 96 seconds. The company has been growing rapidly ever since and recently made the news for doubling its valuation in just eight months to over £2 billion, making it one of Britain’s biggest startups to date.

Monzo launched in 2015 with a prepaid account and 5,000 “Alpha Cards”. It then hit the ground running with its successful 96-second crowdfunding campaign in 2016. Since then, the challenger bank has secured further funding each year and has rapidly increased its customer base.

Monzo is expected to surpass 5 million customers by this time next year

Starting with just over a million customers last January, as of today, over 3.9 million users have opened an account with the challenger bank. The company is expecting 200,000 new users per month and numbers continue to grow.

Year Number of users
2015 0
Sep 2016 50,000
Feb 2017 240,000
Sep 2017 400,000
Feb 2018 590,000
Sep 2018 1,200,000
Feb 2019 1,600,000
Sep 2019 2,500,000
Feb 2020 3,900,000
Sep 2020 (proj) 4,500,000
Feb 2021 (proj) 5,000,000

In terms of customers, Monzo is the third-largest challenger bank, while only operating in the UK

Bank Number of users
Revolut 12 million
N26 6.5 million
Monzo 3.9 million
Monese 2 million
Starling Bank 1.5 million
Tandem 0.8 million

Monzo’s investment and funding

Monzo’s fundraising rounds have amassed £384.7 million in total since they started. The company has 29 investors, with its main support a staggering £113 million coming from a group of investors led by Y Combinator. The US-based investment firm is best known for also backing Airbnb, Dropbox and Reddit.

This newly found support has allowed Monzo to leapfrog rival Revolut and become the second most valuable fintech startup in the UK. The company has also raised a significant chunk of its funding from a series of crowdfunding rounds, which have been a key component of its success, especially at the beginning. The second and third crowdfunding rounds dwarfed the first one, raising £12 million and £20 million respectively in record time.

Year Total funding
2020 £373 million
2019 £313 million
2018 £200 million
2017 £95 million
2016 £1 million

Monzo’s valuation 2016-2020

Monzo’s valuation started at £50 million in 2016, and is currently anticipated to be £1.25 billion in 2020. The company struggled due to COVID-19, which created a valuation drop of £75 million between 2019 and 2020. In 2019, the company was valued at £2 billion and annual revenue was £40 million.

Year Valuation
2016 £50,000,000
2017 £200,000,000
2018 £750,000,000
2019 £2,000,000,000
2020 £1,250,000,000

Monzo, founded 2015, is one of only 18 “unicorns” in the UK

  • Monzo, 2015
  • BenevolentAI, 2013
  • Oxford Nanopore, 2005
  • The Hut Group, 2008
  • BrewDog, 2006
  • Deliveroo, 2012
  • OakNorth, 2013
  • Wise, 2010
  • Revolut, 2014
  • Improbable, 2012
  • Darktrace, 2013
  • Graphcore, 2016
  • Ovo Energy, 2009
  • Checkout.com, 2012
  • babylon, 2013
  • CMR Surgical, 2014
  • Snyk, 2015
  • Gymshark, 2012

Employee overview

The company has grown internally too, expanding from 500 to 1,500 “Monzonauts” this year, with offices in London and Las Vegas. Due to COVID-19, the company closed their branch in Las Vegas in 2020. Some of the key figures at Monzo are:

  • Tom Blomfield: President (formerly CEO) and co-founder
  • Jonas Templestein: CTO and co-founder
  • Gary Hoffman: Chair in Board of Directors
  • TS Anil: CEO and executive director
  • Alwyn Jones: CFO and executive director
  • Sujata Bhatia: COO
  • Mike Hudack: CPO

Monzo office locations

  • London, UK
  • Cardiff, UK

Sources

  • Monzo
  • PWC
  • Sifted
  • Consultancy UK
  • CNBC
  • Craft
  • Guardian
  • Business of Apps

Click here for more research. For all media enquiries, please contact

Matt Mckenna
Head of UK communications
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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