Challenger banks in the UK took flight in the mid-2010s, accelerated by legislation from the EU and UK government which welcomed new competition in the industry.
In a two year period, Revolut, Starling and Monzo were launched, with an aim to win customers through better mobile experiences. At the time, mobile banking in the UK was a nightmare, some banks were still struggling with the web.
Starling Bank was the first on the scene in the UK, launched in 2014. Tom Blomfield, the founder of Monzo, was chief technology officer at Starling, but left the position in February 2015 after “tensions” between him and Starling CEO Anne Boden.
Blomfield took a few members with him in the exit to form Monzo, which launched its alpha prepaid debit card in November 2015, 10 months after leaving Starling. By August 2016, over 200,000 people were on a waitlist for the prepaid card, it had broken the record for fastest successful crowdfunding campaign and the FCA approved Monzo’s application to become a limited bank.
Before Monzo, excitement and banking had rarely been uttered in the same sentence. First Direct, Egg and Metro had all drawn interest when first launched, but fizzled as customers began to realise the drawbacks and retreated back to the big four.
And shockingly, Monzo created this buzz without offering a competitive interest rate or cash incentives. The original Monzo app was bare bones in terms of features, but peer-to-peer payments (with emojis) and real-time balance updates resonated well with millennials, who aren’t as interested in mortgages and savings.
Monzo also did away with complex log-in processes and defective mobile interfaces, which are still common on traditional banking apps.
The banking app earns most of its revenue from a process called interfacing, in which it takes 0.2 percent for every debit card transaction. It has been attempting to generate more income through various premium plans, the latest of which offers interest and several types of insurance for a monthly sum.
Monzo has also partnered with OakNorth, Paragon and Charter Savings Bank to facilitate savings through the app.
Even with no physical branches, Monzo has still lost money every year since launch. As many still use Monzo as their secondary bank (only 30 percent deposit more than £1,000 a month) it reduces the amount of transactions on the platform, which is why the company sees growth as the key metric to profitability.
In 2019, Monzo became one of only 16 “unicorn startups” in the UK, valued at over £1 billion. It was a pivotal year for the company: it launched in the United States with Sutton Bank, finally reached a net positive for average customer contribution and tripled revenue.
The coronavirus pandemic has put a spanner in Monzo’s success. It was forced to run a £60 million funding round at a 37.5 percent devaluation on its 2019 round, to keep the business afloat. It has prospered in the years after the pandemic.
We have gathered data and statistics on Monzo. Read on below to find out more. Want to learn more about mobile banking? Check out our finance app report.
Monzo Key Statistics
- Monzo generated £800 million revenue in 2024, an 147% increase on the previous year
- It reported a £15.4 million net profit in 2024, its first annual profit
- Monzo had £11.2 billion in customer deposits and £47.8 billion card spend in 2024
- Monzo had 9.7 million users in 2023, an increase of 31% on the year prior
- It was valued at £3.7 billion in 2021
Want to learn more about the finance app industry? In our Finance App report, we cover financials, forecasts, usage, downloads, demographics and benchmarking data.
Finance App Report 2024
Monzo Overview
| Title 1 | Title 2 |
|---|---|
| Launch date | March 2015 |
| HQ | London, UK |
| People | TS Anil (CEO), Sujata Bhatia (COO), Tom Blomfield (co-founder) |
| Business type | Private |
| Industry | Finance |
Monzo Revenue
Monzo made £800 million revenue in 2024, a 147% increase on the year prior and the company’s largest annual percentage growth.
Monzo revenue 2018 to 2024 (£mm)
| Year | Revenue (£mm) |
|---|---|
| 2018 | 3.5 |
| 2019 | 19.7 |
| 2020 | 67.2 |
| 2021 | 80.5 |
| 2022 | 154.2 |
| 2023 | 355.6 |
| 2024 | 880 |
Note: Monzo full year 2024 is April 2023 to March 2024. to Source: Company data
Monzo Profit
Monzo posted a net profit of £15.4 million, a huge improvement from the six years of annual losses.
Monzo net income/loss 2018 to 2024 (£mm)
| Year | Net income/loss (£mm) |
|---|---|
| 2018 | -30 |
| 2019 | -47 |
| 2020 | -113 |
| 2021 | -115 |
| 2022 | -119 |
| 2023 | -116 |
| 2024 | 15.4 |
Sources: Finance App Report, Company data
Monzo Customer Deposits
Monzo’s customer deposits have increased year-on-year, reaching £11.2 billion in 2024.
Monzo customer deposits 2018 to 2024 (£bn)
| Year | Customer deposit (£bn) |
|---|---|
| 2018 | 0.07 |
| 2019 | 0.46 |
| 2020 | 1.39 |
| 2021 | 3.12 |
| 2022 | 4.44 |
| 2023 | 5.94 |
| 2024 | 11.2 |
Sources: Finance App Report, Company data
Monzo Users
Monzo had 9.7 million users in 2023, almost all of which are based in the UK.
Monzo users 2018 to 2024 (mm)
| Year | Users (mm) |
|---|---|
| 2018 | 0.59 |
| 2019 | 1.6 |
| 2020 | 3.9 |
| 2021 | 5 |
| 2022 | 5.8 |
| 2023 | 7.4 |
| 2024 | 9.7 |
Sources: Business of Apps, Company data
Monzo Card Spend
Monzo users spent £47.8 billion in 2023, a 42.2% increase on 2023 figures.
Monzo card spend 2020 to 2024 (£bn)
| Year | Card spend (£bn) |
|---|---|
| 2020 | 10.8 |
| 2021 | 16.4 |
| 2022 | 24.4 |
| 2023 | 33.6 |
| 2024 | 47.8 |
Source: Company data
Monzo Valuation
Monzo was valued at £4.5 billion ($5.9 billion) in its latest funding round led by Alphabet.
Monzo valuation 2017 to 2024 (£bn)
| Year | Valuation (£bn) |
|---|---|
| 2017 | 0.2 |
| 2018 | 0.7 |
| 2019 | 2 |
| 2020 | 1.25 |
| 2021 | 3.7 |
| 2024 | 4.5 |
Note: 2020 was a down round caused by Covid. Sources: Fintech Futures, FT, (2)
Monzo Funding
Monzo has received £1.3 billion in total funding since it launched.
Monzo cumulative funding 2016 to 2024 (£mm)
| Year | Funding (£mm) |
|---|---|
| 2016 | 1 |
| 2017 | 95 |
| 2018 | 200 |
| 2019 | 313 |
| 2020 | 373 |
| 2022 | 743 |
| 2024 | 1368 |
Source: Crunchbase
Monzo Age Demographics
A majority of Monzo users are aged under 34 years old. It is one of the most popular banks among teenagers in the UK.
Monzo age demographics 2023 (%)
| Age bracket | Percentage of users |
|---|---|
| 18 - 34 | 72 |
| 34+ | 28 |
Source: Company data
Monzo vs UK Neobanks: Users
Monzo is second place in the UK neobank market in terms of users, behind Revolut.
UK neobank users by app 2023 (mm)
Want to learn more? Check out our Finance App Report
Monzo FAQ
What is Monzo customer’s average deposit?
Monzo average customer deposit has increased rapidly over the past few years. The average deposit was £1154.6 in 2024.
How many people does Monzo employ?
Monzo employs 1,500 people in the UK and US, although that may have declined in 2020 due to COVID-19
What is the most popular age demographic on Monzo?
Monzo is most popular among people aged 22-37, with 75 percent under the age of 34 (YouGov)
More Finance App Data
- eToro Revenue and Usage Statistics (2025)
- Coinbase Revenue and Usage Statistics (2025)
- Mobile Payments App Revenue and Usage Statistics (2025)
- Chime Revenue and Usage Statistics (2025)
- Starling Bank Revenue and Usage Statistics (2025)
- Venmo Revenue and Usage Statistics (2025)
- Klarna Revenue and Usage Statistics (2025)
- Finance App Benchmarks (2025)
- Cryptocurrency App Revenue and Usage Statistics (2025)
- NuBank Revenue and Usage Statistics (2025)
