Monzo, one of the UK’s most well-known challenger banks, has topped the 10 million personal customer mark in the UK, it announced today.

It was only in February this year, that Monzo said it had reached nine million personal customers in the UK.

With over 10m customers, Monzo, founded in 2015, said it means that one in five adults in the UK are using Monzo.

The challenger bank says it also now has more than 450,000 business customers in the UK.

TS Anil, CEO of Monzo, said Monzo had added two million customers in just under 12 months.

By comparison, rival challenger bank Revolut says it has more than 45 million customers, with over nine million in the UK, while another high-profile UK challenger bank Starling has around 3.6 million UK customers, in the year ending March 2023.

Monzo has been busy this year, with a major funding round of $600m led by Alpahbet’s CapitalG, and new product launches including Monzo for under 16s and Monzo Pension.

Anil said Monzo would “continue to grow and build more game-changing products”.

IMAGE: MONZO