In its blog post, Monzo said over £4 billion ($5.25 billion) has been spent using a Monzo card so far, with the bank processing £1 billion ($1.31 billion) in payments a month. One in 100 "faster payments" are made using a Monzo account, and Monzo is sending out 3,000 of its famous "hot coral" cards a day. Possibly most impressive though, is the fact Monzo is accumulating 20,000 new users a week, which totals to 15% of current accounts created. The company thinks it can do better, though, saying "this is just the start," meaning customers can expect a lot more in the future.
There are now 1 million of these "hot coral" cards in the hands of the British public. (Image: Monzo)
In terms of its rivals, Monzo is keeping pace.
Fellow London-based fintech firm Revolut has over 1 million UK customers and 3 million in total as of today, in all the regions it operates in, opening 7,000 accounts a day. Bear in mind, the latter number of 3 million cannot be compared since Monzo only has operations in the UK so far, although it does plan to expand into Europe soon. It also says it is processing $3 billion a month in payments, which lines up with Revolut having two thirds more users compared to Monzo. However, Revolut is an "e-wallet," where money can be stored but not paid directly into, whereas Monzo offers a full current account -- meaning salaries can be paid in or direct debits taken out. (See Revolut Hits 2M Users, Announces Investment Platform to Celebrate.)
Either way, Monzo's growth is impressive. As millennials age and want a new mobile-based way of managing their money, expect this number of 1 million to grow substantially over the next few years.