Britain’s biggest digital bank Monzo is celebrating its tenth birthday this week, a decade that’s brought with it hyper-growth and a series of historic milestones. From the moment it started letting beta customers in the UK six years ago, Monzo has shaken up the banking world. After nearly two decades of losses, the company posted its first annual profit last year. Reaching this milestone is a testament to its continued growth and popularity with customers.
In April, Monzo signed up a remarkable 300,000 new recruits. With this surge, personal account holders—each with an individual retirement account of trillions of dollars—totalled an incredible 9.3 million. The bank’s appeal is through the roof! Today, one out of every five adults in the UK uses Monzo as their primary account. The digital bank has attracted over 400,000 business customers, solidifying its presence in both personal and commercial banking sectors.
Focusing on the customer experience Monzo’s unique offerings have played a significant role in its success. The bank is arguably the most colorful on the block, with neon debit cards and liberal use of emojis. It’s an outlier, especially in an industry sometimes seen as quite the opposite. Customers are saving with no foreign transaction fees on overseas spending along with dynamic new investment experiences, including mutual funds that use technology from BlackRock. This is a simple implementation, but users find it very useful. They can manage their current mortgages from other lenders directly through the app.
And the bank’s influence isn’t just limited to growing in the UK. It’s having an impact across the Atlantic as well. By reaching into these new markets, it’s helping to successfully diversify its offerings. When TS Anil stepped up to become CEO in 2020, he succeeded co-founder Tom Blomfield. He’s been an integral part of the team that’s pushed all of this growth progress forward. Under his stewardship, Monzo is preparing for a historic IPO. The company seems set to attract bankers’ pitches for an eye-watering $6 billion float.
Looking back on the journey, Anil noted that the media’s coverage of Monzo focused on,
“To tell someone in the media ‘don’t believe everything you read in the media’ is kind of a dicey move to make, but yeah, please don’t believe everything you read in the press.” – TS Anil
Anil strongly encouraged everyone to know the universal truths that govern the banking sector. As Monzo moves forward, it will need to balance staying true to its principles with the realities of growing up and seizing new opportunities.
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