Monzo Revenue and Growth Statistics (2023)

Key Monzo user stats. Includes data on Monzo's valuation, revenue, number of active users, number of employees, and more.
Monzo Revenue and Growth Statistics (2023)
Last updated on:
November 7, 2022

Monzo key statistics

  • Currently, Monzo has 5.8 million users, and the majority of them are situated in the UK.
  • Monzo bank valued at £3.7 billion in 2021
  • The average deposit in a Monzo account is approximately £1,400 in 2022.
  • Users under 34 make up 72% of Monzo's total client base.
  • In 2022, Monzo's user deposits reached GBP 4 billion.
  • 1,879 people work for Monzo as of October 2022.
  • In 2022, Monzo's gross lending exceeds GBP 259 million.
  • One million new users join Monzo, on average, every year.
  • Monzo generated £79 million in revenue in 2020, and reportedly doubled that figure in 2021

Source: Statista

Monzo Overview (About Company)

Monzo is one of the most popular banking apps, especially in the United Kingdom. Join us as we're going to look at some key data about Monzo as a company.

Key StatKey Info
Year Founded2015
IndustryFinancial Services
ProductsBanking
HeadquartersLondon, England, UK
Revenue£67.2M (2020)
Net income£113.8M (2020)
Trade nameMonzo
FoundersGary Dolman, Jason Bates, Jonas Huckestein, Paul Rippon, Tom Blomfield
Key peopleGary Hoffman -Chairman, TS Anil - CEO
Number of employees1,879
Websitehttps://www.monzo.com/

Monzo Valuation

Monzo valuation hit £3.7 billion in 2021.

Graph about Monzo Valuation

The table below shows you the 5 valuations at Monzo throughout 2017-2021.

YearValuation
2017£0.2 billion
2018£0.7 billion
2019£2 billion
2020£1.25 billion
2021£3.7 billion

Note how Monzo's valuation went higher with each new year. The current all-time high is in 2021, at £3.7 billion.

Source: FinTech Futures, FT 1, FT 2

Monzo Revenue

Monzo’s revenue rose 90%, hitting £270 million as of June 2022.

Graph about Monzo Revenue
YearRevenue
2017£3 million
2018£20 million
2019£67 million
2020£79 million
2021£154 million
2022£270 million

In 2017, Monzo's revenue was of £3 million. Not that it isn't a high number, but if you look at 2022, you can see the huge £270 million in revenue.

This only shows how much Monzo grew as a business!

Source: Monzo, FS Tech

What is Monzo’s transaction volume throughout the years?

Latest data shows that £28.70 million went through Monzo throughout 2022.

Graph about Monzo transaction volume

The table below shows information regarding the past years:

YearTransaction Volume
2019£4.25 billion
2020£12.43 billion
2021£19.63 billion
2022£28.70 billion

See how in 2019, it used to be just £4.25 billion that was moved through Monzo, and how much the number grew in the next 3 years.

How much % does Monzo make out of their transaction volume?

In other words, comparing Monzo’s revenue with their transaction volume — how much value do they capture out of the money that their users are transacting?

Graph about percentage of gain Monzo capture out of their transaction volume
YearPercentage of Gain
20191.60%
20200.64%
20210.78%
20220.94%

Monzo kept 0.94% of the total transactions in 2022. That is over £2.69 million that remained for Monzo.

Looking at the four years in the table above, you can see how 2019 had the highest percentage of gain, with 1.60% of the total transactions remaining within Monzo.

Monzo Gross Lending (Loans)

Monzo gross lending (loan) reached £259 million in 2022.

YearUser Deposits
2019£19.2 million
2020£143.9 million
2021£105 million
2022£259 million

Source: Statista

What is Monzo's users’ total deposit throughout the years?

Monzo’s user deposits have increased year-on-year, reaching £4.44 billion in 2022.

YearUser Deposits
2019£0.46 billion
2020£1.39 billion
2021£3.12 billion
2022£4.44 billion

With each new year, there's so much more money that has been deposited.

Source: Statista

Monzo users’ average deposit

The money deposited by Monzo users on average is £1,400 in 2022.

Graph about Monzo users’ average deposit
YearAverage Deposit
2018£142
2019£359
2020£620
2021£793
2022£1,400

Pretty interesting seeing how this the average Monzo deposit was of £142 in 2018, and then seeing how much it was lifted in 2022. It reached £,1400 in 2022!

Source: Sifted

How much did Monzo's users spend throughout the years?

A total of £24 billion were spent by Monzo users in 2022.

Graph about Monzo's user spend
YearUser Spend Amount
2019£3.6 billion
2020£10.9 billion
2021£16.4 billion
2022£24 billion

This refers to much money users paid using their Monzo Mastercards making payments.

As all of the numbers shown above were pumped up a lot throughout these years, you would also expect the spent money to increase — and you would be right!

See how every year at Monzo had a couple more billions spent through the app.

Source: Statista

How much did Monzo's users spend in 2022? (Second, Minute, Hour, Day, Week, Month & Year)

Monzo users spent on average £805 in 2022 every second.

This data helps us understand how much money goes through Monzo, and it doesn't just show Monzo's statistics, but also the whole eBanking industry's stats.

TimeAverage User Spend Amount
Second£805
Minutes£48,333
Hour£2.9 million
Day£71 million
Week£500 million
Month£2 billion

Look at that! With each new second in 2022, there were £805 spent through Monzo.

Every minute in 2022, people spent a total of £48,333 using their Monzo cards.

Source: Statista

How many users are actively using the Monzo app for transactions?

Monzo total active users in 2022 are 5.8 million active users.

Graph about Monzo's active users
YearNumber of Active Users
20191.6 million active users
20203.9 million active users
20215 million active users
20225.8 million active users

The 2019-2020 period saw a big expansion in users at Monzo. Though, in the 2021-2022 period, there have been only 0.8 million new active users.

Source: Statista

How many new users joined Monzo?

About 1 million new users joined Monzo banking in 2022.

Graph about Monzo' number of new users
YearNumber of New Users
20191.01 million new users
20202.3 million new users
20211 million new users
20221 million new users

The rate of new users joining Monzo isn't skyrocketing, unlike the previous numbers that we've looked at. Though, these numbers are still very impressive.

On average, 1 million new users join Monzo every year.

Source: Statista

How many new users joined Monzo in 2022?

Every minute in 2022, two new users joined Monzo.

Graph about Monzo's number of new users
TimeNew Users
Every minute2 new users
Ever hour124 new users
Every day2,976 new users
Every week20,833 new users
Every month83,333 new users

This is yet another fun table to look at. Check out how the number increases as we expand the time interval for new Monzo users in 2022.

Source: Statista

Monzo Funding

Monzo has raised a total of $1.1 billion in funding over 21 rounds. Their latest funding was raised on Feb 8, 2022, from a Series H round.

Announced DateTransaction NameNumber of InvestorsMoney RaisedLead Investors
Feb 8, 2022Series H - Monzo6$475MAbu Dhabi Growth Fund
Feb 8, 2021Series G - Monzo10£50M
Dec 2, 2020Series G - Monzo£60M
Jun 16, 2020Series G - Monzo10£65M
Jun 25, 2019Series F - Monzo10£113MY Combinator
Dec 3, 2018Equity Crowdfunding - Monzo5£20M
Oct 31, 2018Series E - Monzo7£85MAccel, General Catalyst
Dec 1, 2017Venture Round - Monzo1
Nov 15, 2017Equity Crowdfunding - Monzo3£878.1K
Nov 6, 2017Series D - Monzo8£71MGoodwater Capital

Above you can see a list of all the 21 rounds of investments at Monzo.

Source: Crunchbase

Monzo Investors

Monzo is funded by 37 investors. Coatue and Goodwater Capital are the most recent investors.

Below is a list of all the 37 investors at Monzo.

Investor NameLead InvestorFunding RoundPartners
CoatueSeries H - Monzo
Goodwater CapitalSeries H - MonzoChi-Hua Chien, Edward Suh
TencentSeries H - Monzo
AccelSeries H - Monzo
Alpha Wave VenturesSeries H - Monzo
Abu Dhabi Growth FundYesSeries H - Monzo
General CatalystSeries G - Monzo
Y CombinatorSeries G - Monzo
Goodwater CapitalSeries G - MonzoChi-Hua Chien
StripeSeries G - Monzo

Did you see that? Tencent, Stripe, and even Y Combinator invested in Monzo, which really shows how much potential the app had from its early days.

This data also shows how many big players saw a big prize in Monzo.

Source: Crunchbase

How many people work at Monzo?

Monzo has 1,879 employees in 2022.

Look at how much the numbers go up after 2019!

Graph about Monzo's employee count
YearNumber of Employees
2019437 employees
20201,128 employees
20211,332 employees
20221,879 employees

In 2019, there were 437 people working at Monzo, and every year after that, they were at least 1,100 people employed.

Source: Statista

How many office locations does Monzo have?

Monzo currently has two offices. A headquarter in the United Kingdom and its branch support in the United States.

CountryCityAddress
United KingdomLondon5 Appold
United StatesSan Francisco650 California

As Monzo will grow as a company, there are most likely going to be new offices in different locations across the globe.

Source: Craft

How many countries does Monzo operate in? (Countries Monzo is available)

Monzo is available around the world. You can use the Monzo card anywhere in the world, for free.

Wherever you can pay via Mastercard, Monzo is guaranteed to be there for you.

Source: Monzo

How does Monzo make money?

Monzo makes money through three main revenue streams:

  • interchange from payments
  • banking services
  • interest revenue
Graph about how does Monzo make money

Source: Forex

What is Monzo's digital banking market share in the United Kingdom?

Monzo held 0.03% of the domestic market share and was the 76th-largest bank in the United Kingdom in 2021.

Speaking of which, you might be interested in PayPal and Revolut's yearly stats.

Source: The Banks

What is Monzo market strength in the digital banking industry in the United States?

In the UK and other nations, including the US, Monzo has witnessed a consistently favorable percentage of new customers.

As of 2019, Monzo has made intentions to penetrate the US market as well as those of other countries. The rate at which users download the Monzo mobile app can be used to assess Monzo's market position outside of the UK.

This demonstrates that Monzo Bank's strategy to increase its reputation globally is succeeding.

Source: Forbes, Statista

Who are Monzo users? (users demography)

Monzo user’s gender distribution

Users of Monzo are split between 58.23% men and 41.77% women.

Graph about Monzo user's gender distribution
GenderShare
Female41.77%
Male58.23%

We can note that Monzo has a pretty fair ratio of males and females using their services. It's almost close to a 50/50 situation.

Source: Similar Web

Monzo user’s age distribution

The majority of Monzo users are between the ages of 25 and 34.

Graph about Monzo user's age distribution
Age GroupShare
18 - 2416.46%
25 - 3433.07%
35 - 4421.09%
45 - 5414.54%
55 - 648.82%
65+6.03%

After that, the 18-24 age grup is the most popular one for Monzo's users.

Source: Similar Web

Monzo users by country

The United Kingdom users remain top of the Monzo user base. At the end of the day, Monzo was one of the very first online baking apps in the UK.

Graph about Monzo users by country
CountryShareActual Numbers of Users
United Kingdom78.22%4,536,760 Users
United States3.06%177,480 Users
India1.40%81,200 Users
Russia0.88%51,040 Users
Turkey0.78%14,240 Users
others15.66%908,280 Users

The UK has a 78.22% share of Monzo's total users, with over 4.5M all-time users.

After the United Kingdom, there's the United States, having a share of only 3.06% of the total users. As you can see, Monzo is pretty much based in the UK

Source: Similar Web

How many app downloads did Monzo get in 2022?

  • Monzo has more than 5 million Android app downloads
  • Monzo has more than  709,000 iOS app downloads

By look at this data, we can note that most of Monzo's users are on Android.

Source: Play Google, Apps Apple

Monzo top marketing channels

The top traffic source to Monzo is search traffic, driving 48.78% followed by direct with 43.23% of traffic.

Graph about Monzo top marketing channels
Marketing ChannelsShare of Traffic
Direct43.23%
Referrals5.08%
Search48.78%
Social1.73%
Mail0.68%
Display0.50%

Source: Similar Web

Social media traffic to Monzo

Graph about Social media traffic to Monzo

Monzo gets most of its social media traffic through LinkedIn (27.10%) and Twitter (24.28%). The table below shows all values:

Social MediaShare of Traffic
LinkedIn27.10%
Twitter24.28%
Reddit17.92%
YouTube13.92%
Facebook11.58%
Others5.19%

Some may expect YouTube to be Monzo's #1 traffic driver via ads, but though, that is not really the case!

In fact, Reddit is even another popular traffic driver for Monzo on social media.

Source: Similar Web

What is monzo.com traffic by country and device used?

European Monzo users prefer their mobile devices, while Asian users prefer their desktop device.

Graph about Monzo devices used by country
CountryAll devicesDesktopMobile
France2.1M0.41%99.59%
United Kingdom1.6M30.59%69.41%
United States139.3K29.17%70.83%
Spain77.1K12.84%87.16%
India25.4K91.64%8.36%

For instance, French Monzo users are 99.59% on mobile, while Indian users are 91.64% on desktop.

Source: Semrush

What is the average time spent by users on Monzo App?

The average time spent by Monzo app users is 2 minutes and 30 seconds.

Infographic about average time spent by users using Monzo

Source: Semrush

What other products does Monzo offer to customers?

The products offered by Monzo can be divided into three categories: personal loans, business loans, and consumer banking. According to the customer's membership package, they receive several features.

  • Consumer banking: Customers receive a debit card, checking account, and other services like immediate notifications, no overdraft fees, and peer-to-peer payments. Two paid plans from Monzo are available for £5 or £15 a month, and they include premium cards as well as services like checking account interest, insurance, virtual cards, and the opportunity to add other cards to Monzo's app for spending tracking.
  • Business banking: In addition to the standard Monzo features, business customers now receive free UK bank transfers and digital receipts. Business customers can integrate their accounting software with Monzo, receive virtual cards, manage multiple users' accounts, and handle invoices for £5 per month.
  • Personal lending: Monzo provides overdrafts up to £2000 and personal loans at an APR of 8.9%. It just began providing Monzo Flex, a BNPL product, as a part of its lending portfolio.

Source: Sacra

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