UK-based digital banking group Monzo celebrated the new year by sharing the successes of the past twelve months. The fintech revealed it started last January with just over a million customers, and now, over 3.6 million people bank with its platform. The company has since grown internally too, expanding from 500 to 1,500 Monzonauts in London, Cardiff, Las Vegas, Los Angeles and across the world.
“We celebrated some firsts – launching our TV ad campaign; being named the UK’s most recommended brand by YouGov; and Natalie, from our Vulnerable Customers team, won the Which? Consumer Champion award for our gambling block (a feature which lets people block gambling transactions to control their spending).”
Monzo also noted that it launched a bunch of other products and features too, which takes it one step closer to its mission: to make money work for everyone. Monzo then launched its first version of business accounts to a small number of business owners
“Although we’ve grown fast, we’ve stuck to our community roots – learning from your feedback, refining our approach, and trying to create a bank you’d be proud to call your own. Our Monzo Investival and Future of Monzo events last year brought more of our community together than ever before. And we continued working towards financial inclusion with our no barriers to banking campaign, aiming to help over a million adults in Britain who don’t have access to a bank account.”
In regards to what customers may expect in 2020, Monzo added:
“We’ll do more to demystify credit scores and how they’re calculated in the app. We’ll help people track their borrowing health over time and work towards goals, like buying a house or paying for a course. We’ll launch new paid accounts that give you even more from Monzo. Things like better tools to help you master your money and insurance that gives you real peace of mind while you’re away. Your feedback helped us understand where we didn’t get this quite right last year, and we’re excited for you to see what we’ve created. Plus, we’ll expand business banking: inviting lots more business owners to sign up, launching a web version of our business account, and building more features that help you achieve your goals, like international payments. And finally, we’ll continue our growth in the US following the hire of our new US CEO, TS Anil.”