Monzo Bank, a UK-based digital bank, has seen substantial growth in its customer base between 2018 and 2025. After securing its full banking license in 2017, the bank reached ******* customers by 2018. By 2020, the customer base had more than doubled year-over-year, reaching ************. In 2025, Monzo hit a new milestone with **** million users.

Monzo Bank, a leading digital bank in the United Kingdom, continued to expand its customer base at an impressive rate in 2025. The bank added *** million new customers in 2025, building on its strong growth trajectory since its founding in 2015. With this rapid expansion, Monzo's customer base exceeded ** million by 2025.

Established in 2015, Monzo is a UK-based retail bank offering current accounts to individuals, limited companies, and sole traders. With no physical branches, it is part of a growing wave of challenger banks that operate entirely online via mobile apps. In 2024/25, Monzo experienced significant growth across all key financial metrics, reinforcing its position as a leading digital bank on an upward trajectory. Key figures In 2025, Monzo added *** million new customers compared to the previous year. The challenger bank also saw a sharp rise in customer deposits, which surpassed ** billion British pounds. Perhaps most notably, net profit soared to over ** million British pounds in 2024/25 - up from just under **** million British pounds the year before - marking a significant leap in the bank’s financial performance. Disruptor banks Banking and financial services are typically among the first industries to embrace technological advances; starting as far back in time as the appearance of automated teller machines (ATMs) and credit cards. Ever since the first secure Internet systems for financial operations became available on a large scale, accessing one's bank account online to carry out transactions, pay off credit cards, establish credit lines or invest savings became one of the fastest growing areas of Internet activities. The penetration of online banking in Great Britain has been excelled in part to the agility in which digital banks can adapt and evolve, as well as their ability to attract large amounts of funding.

Established in 2015, Monzo bank is a United Kingdom (UK) based retail bank that provides current accounts to individuals, limited companies and sole traders. With no physical branches, Monzo bank is one of a growing number of disruptor or challenger banks which run accounts online through mobile apps. Monzo customers are currently concentrated in the UK which, as of February 2023 made up ** percent of all downloads. Customer volume In December 2021, Monzo officially had roughly **** million customers, making it the third largest neobank in Europe, in terms of customers. By May 2022, Statista estimated that Monzo would have more than **** million app downloads, second only to Revolut out of the European based neobanks. As of February 2023, the number of Monzo app downloads worldwide exceeded ** million. Winning over customers Since the second quarter of 2018, Monzo have seen a consistently positive ratio of customers gained in the UK. As it stands, app-only banks as well as banks with a sustainable finance business model have displayed the highest customer gained ratios of banks in the UK.

The United Kingdom's banking landscape in 2024 revealed a competitive field dominated by established institutions, with Barclays leading the pack with 48 million customers worldwide. HSBC followed closely with 41 million customers, showcasing the enduring strength of traditional banks despite the rise of digital challengers. Interestingly, customer numbers don't necessarily correlate with satisfaction, as online banks like Starling Bank, First Direct, and Monzo Bank topped the charts for customer contentment. Market dominance and financial performance While Barclays boasts the largest customer base, HSBC maintains its position as the UK's largest bank by market capitalization. As of December 31, 2024, HSBC's market value reached approximately 176.71 billion U.S. dollars, rebounding to pre-pandemic levels and solidifying its status as Europe's largest bank by market value. This financial strength is further reflected in HSBC's annual revenue, which towered at 65.9 billion British pounds in 2024. Digital transformation and customer retention The banking sector's shift towards digital services has led to widespread branch closures among the UK's "big four" banks, with Barclays, Lloyds, and NatWest each shuttering over 1,000 locations between 2017 and 2024. This transition, while improving efficiency, has also resulted in significant job losses. Despite these changes, some traditional banks have managed to maintain strong customer loyalty. Nationwide, for instance, led UK banks in net current account gains in the third quarter of 2024, attracting over 22,000 new customers through the Current Account Switch Service. However, digital challengers like Revolut have made significant inroads, with the London-based neobank reporting over 50 million global customers by November 2024, highlighting the growing appeal of digital-only banking solutions.

The global direct banking market is experiencing robust growth, driven by the increasing adoption of digital technologies and a rising preference for convenient, accessible financial services. The market's expansion is fueled by several key factors, including the widespread penetration of smartphones and the internet, particularly in emerging economies. This accessibility allows direct banks to reach a wider customer base, bypassing the traditional brick-and-mortar limitations of traditional banking institutions. Furthermore, the competitive pricing strategies and personalized services offered by direct banks are attracting a significant portion of both younger and tech-savvy consumers, as well as those seeking greater transparency and efficiency in their banking experiences. Technological advancements such as AI-powered chatbots for customer service and sophisticated fraud detection systems further enhance the efficiency and security of direct banking operations, contributing to sustained market growth. While regulatory hurdles and cybersecurity threats remain challenges, the overall market outlook is positive, projecting continued expansion throughout the forecast period. The competitive landscape is highly dynamic, with a mix of established players and innovative newcomers. Established financial institutions are adapting to the digital shift, launching their own direct banking platforms to compete. Meanwhile, nimble fintech startups are disrupting the market by offering innovative products and services tailored to the changing needs of consumers. The success of these companies depends on their ability to differentiate themselves through personalized services, superior user experience, and robust security measures. Geographic expansion, particularly into underserved regions, presents significant opportunities for growth. However, ensuring compliance with regional regulations and adapting to diverse consumer preferences will be crucial for successful international expansion. Strategic partnerships and mergers and acquisitions are also expected to play a significant role in shaping the market's competitive landscape in the coming years. We estimate the market to be valued at $500 million in 2025, with a CAGR of 15% projected through 2033.

Banks employ various strategies to attract and retain their customer base, such as cheap overdrafts, in-credit interest and no withdrawal charges. While the number of new and active customers can be easily observed, customer satisfaction is trickier. Knowing how customers feel about the service received can help banks adjust to the dynamics of an increasingly competitive market. Customer satisfaction for leading banks in the UK According to the Which? customer satisfaction survey, as of November 2024, three digital banks, First Direct, Monzo Bank, and Starling Bank had the highest customer satisfaction score. According to the survey, 83 percent of these banks' customers were satisfied with the banks' services and products, and willing to recommend them to their friends. Investment in selected European countries Among the services that aim at making banking more customer-oriented and effortless is the current account switch service (CASS). CASS allows customers to change their bank account hassle-free, redirecting transactions and transferring payment arrangements. As of the second quarter of 2024, nine out of 20 banks observed increased their customer base following the CASS process. The highest gain-to-loss ratios were recorded by Danske Bank and Santander, gaining respectively 5.29 and 3.27 times more new customers than the ones lost to other banks.

Revolut, the London-based digital bank, has seen remarkable growth from *** million customers in February 2018 to **** million in December 2024, making it the UK's most popular digital bank. Wise ranked second with **** million customers, while Monzo reached *** million customers as of March 2024.

The digital-led retail banking market, valued at $1214.9 million in 2025, is projected to experience steady growth, driven by increasing smartphone penetration, rising adoption of mobile banking apps, and the expanding preference for convenient and personalized financial services. The Compound Annual Growth Rate (CAGR) of 2.2% from 2025 to 2033 indicates a consistent, albeit moderate, expansion. This growth is fueled by several key factors: the continuous enhancement of user interfaces and features within banking apps, the integration of advanced technologies such as artificial intelligence (AI) for personalized financial advice and fraud detection, and the rising demand for seamless cross-border transactions. Established players like Revolut and Monzo, alongside emerging fintechs like Atom Bank and Starling Bank, are key contributors to this market expansion, constantly innovating to improve customer experiences and capture market share. However, challenges such as maintaining robust cybersecurity measures to mitigate the risk of data breaches and ensuring regulatory compliance across diverse jurisdictions will continue to shape the market's trajectory. Furthermore, the ongoing need to attract and retain customers in a competitive market necessitates continuous investment in technology and customer service. The competitive landscape is marked by a blend of established and newer players. While traditional banks are increasingly integrating digital solutions, dedicated digital banks like N26 and Revolut are aggressively expanding their customer base globally. This intense competition necessitates a focus on customer acquisition and retention through value-added services, personalized offers, and competitive pricing strategies. The geographic distribution of market share is likely skewed towards regions with higher internet and smartphone penetration rates, with North America and Europe expected to hold significant market share initially, followed by gradual expansion into other developing economies. The long-term success of digital retail banking will hinge on the ability of companies to adapt to evolving customer needs, navigate regulatory complexities, and maintain a strong focus on cybersecurity and data privacy.

The global neo and challenger bank market, valued at $9,874.2 million in 2025, is experiencing explosive growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 28% from 2025 to 2033. This surge is driven by several key factors. Increased consumer demand for digital-first financial services, coupled with the rising adoption of mobile banking and fintech innovations, fuels this expansion. The convenience, personalization, and often lower fees offered by these banks are particularly appealing to younger demographics and tech-savvy individuals. Furthermore, the regulatory landscape in many regions is becoming increasingly favorable towards fintech disruption, fostering competition and innovation within the traditional banking sector. Challenger banks are leveraging advanced technologies like AI and machine learning for personalized financial management tools, fraud detection, and improved customer service, further solidifying their position in the market. The segment encompassing business organizations is also a significant contributor to market growth, with neo and challenger banks providing tailored solutions for SMEs and startups that are often underserved by traditional institutions. The market is segmented by application (personal consumers and business organizations) and type (neobanks and challenger banks). While neobanks focus primarily on digital-only operations, challenger banks often integrate online platforms with a limited physical presence. Geographic expansion continues to be a significant driver, with North America and Europe currently holding substantial market shares. However, rapid growth is anticipated in Asia-Pacific and other emerging markets as digital literacy and smartphone penetration increase. Despite the positive outlook, challenges remain. Maintaining profitability amid intense competition and the need for significant investments in technology and cybersecurity are ongoing concerns. Regulatory hurdles and evolving customer expectations also pose ongoing adjustments for market players. The successful players will be those that effectively manage risk, innovate continuously, and build strong customer relationships.

Uk account level user banking data set including bank account transactions (Traditional and Neo Banks like Revolut/Monzo etc.), card spending across credit and debit cards and ticker.

All ongoing transaction data is delivered in real time which is a significant advantage over stale data other providers offer.

Whether you’re looking for trends in retail data to inform investment decisions or to understand consumer behavior over a larger set of consumers, Real Time UK Consumer Transaction Data, de-identified gives you a distinct advantage because of our real time view into the customer at the account level (Not just debit or credit cards).

• Access the “truth” of transaction data across all of a users accounts (Traditional banks, Neo Banks, Credit and Debit cards) • Insight into Millennial, Gen Z, and the Underbanked segments that are missing in other transaction data sets • Analyze transactions with greater enriched detail • Protect consumer privacy and comply with local regulation while enabling more flexible analysis of safe data

The UK virtual card market is experiencing robust growth, driven by the increasing adoption of digital payment methods and the rising demand for secure and convenient transaction solutions among both businesses and consumers. The market's expansion is fueled by several key factors. Firstly, the surge in e-commerce and online transactions necessitates secure and easily manageable payment options, with virtual cards providing a compelling alternative to traditional physical cards. Secondly, businesses are increasingly leveraging virtual cards for expense management, streamlining accounting processes, and enhancing security protocols for employee spending. This is particularly true for companies operating internationally, where virtual cards offer simplified cross-border payments. Thirdly, the growing popularity of mobile banking and fintech apps, many of which offer virtual card functionalities, is further propelling market growth. Furthermore, regulatory changes promoting digital payments and enhancing fraud prevention measures are contributing to a favourable market environment. Despite the positive growth trajectory, the UK virtual card market faces some challenges. Competition among established players like Revolut, Monzo, and Starling Bank, as well as newer entrants, is intense. Concerns around data security and privacy remain paramount, requiring continuous investment in robust security infrastructure. Additionally, educating consumers and businesses about the benefits and functionalities of virtual cards continues to be a crucial aspect of market development. However, the overall outlook remains optimistic, with the market poised for substantial growth in the coming years, fueled by technological advancements and evolving consumer preferences. Considering the global CAGR of 8% and the UK's prominent position in the fintech sector, a conservative estimate for the UK market's CAGR might be slightly higher, perhaps in the range of 9-10%, reflecting the strong local adoption rate. Recent developments include: In November 2021, Revolut announced the acquisition of Nobly POS (www.noblypos.com), a highly regarded ePOS software vendor, to expand its offering to the restaurant and hotel sectors. The acquired ePOS system is popular in the UK, USA, and Australia. The acquisition will expand Revolut's offer to serve hospitality SMEs and accelerate the growth of Revolut's Business and Acquiring products., In April 2021, Monzo offered new features for connected accounts and virtual cards. New features help for more visibility and control over the accounts. Features such as a summary for each account, income transfer, and pending transactions are easily accessible through the app.. Notable trends are: Increasing Online Payments is Driving the Market for Virtual Cards in United Kingdom.

The global neobanking market is experiencing explosive growth, driven by increasing smartphone penetration, a preference for digital-first financial services, and a growing demand for personalized banking experiences. The market's expansion is fueled by several key factors: Millennials and Gen Z, digitally native generations, are actively seeking alternatives to traditional banking institutions. These demographics value convenience, transparency, and user-friendly mobile interfaces that neobanks excel at providing. Furthermore, the regulatory landscape in many regions is becoming more accommodating to fintech innovation, facilitating the entry and expansion of neobanks. The sector is segmented by application (personal consumers and business organizations) and by banking model (those with their own banking licenses and those partnered with traditional banks). While the partnered model allows for quicker market entry and leveraging existing infrastructure, owning a banking license provides greater control and potentially higher profit margins. Competition is fierce, with established players like Revolut and Monzo competing against newer entrants and regional giants like MyBank (Alibaba) and WeBank (Tencent). Geographic expansion is another key trend. While North America and Europe currently hold significant market share, the Asia-Pacific region, particularly China and India, presents a massive, untapped potential due to its large population and increasing smartphone adoption. However, challenges remain, including regulatory hurdles in some markets, cybersecurity concerns, and the need to build trust with consumers still hesitant to fully embrace digital banking. Maintaining profitability while managing the costs associated with technology, customer acquisition, and compliance will be crucial for long-term success in this dynamic market. The rapid pace of technological advancement also necessitates continuous innovation to stay ahead of the competition and adapt to evolving customer needs. We estimate the market will continue its robust growth, driven by these factors and the ongoing shift towards digital financial services.

Revolut was the most popular digital bank in Europe by downloads, significantly outpacing all other digital banks in the region. In 2024, the Revolut app was downloaded over ** million times, with August recording the highest number of downloads. The banking app was particularly popular in the United Kingdom (UK), France, Romania and Poland. Number of active customers Given the impact of multiple downloads and inactive users, the number of active customers, as reported by banks, may provide a more accurate measure of customer growth. In February 2018, Revolut announced reaching *** million customers, a figure that grew to ** million by 2022 and surged to ** million by October 2023. By the end of 2024, Revolut reported surpassing ** million customers. This rapid growth in customer acquisition has also been reflected in other online-only banks, such as the Berlin-based N26 and London-headquartered Monzo.

For ** percent of UK customers, the only bank that an account can be opened the same day is Nationwide in 2019. With other banks, the longest UK bank customers will have to wait for an account to be opened ranged between *** day at banks such as RBS and relative newcomers Monzo, to as long as ** days at First Direct.

Europe Neobanking Market was valued at USD 28.14 Billion in 2024 and is expected to reach USD 88.25 Billion by 2030 with a CAGR of 21.05% during the forecast period.

The Neobanking Market size was valued at USD 98.40 USD Billion in 2023 and is projected to reach USD 1574.44 USD Billion by 2032, exhibiting a CAGR of 48.6 % during the forecast period. The Neobanking Market refers to online banking services by digital-based fintech startups, that don't have physical managers pointed out. They supply various financial possibilities without physical branches. Neobanks form an exclusive and convenient niche, being completely online and accessible through easy-to-use mobile apps and web platforms. They bring different services on board, ie, saving accounts, payment processes, loans, and budgeting tools, targeting tech-savvy tech-native customers mainly. The main trends in the industry can be summarized as the geographic expansion of neobanks beyond borders, the association of neobanks with traditional banks from offering their products, and the use of technologies, such as artificial intelligence, or blockchain, for improved interaction with the customers. With the increasing demand for digital banking among consumers, the Neobanking Market keeps growing by challenging and replacing conventional banking systems and stimulating innovative approaches in financial services. Recent developments include: January 2024: Nu Mexico partnered with Felix Pago to launch the option to receive money from the U.S. The partnership simplified the process of sending money from the U.S. to Mexico and transformed the process of cross-border money transfers., November 2023: N26 extended its product portfolio by launching an Instant Savings account. The neobank declared that customers in Germany will seek advantage from up to 2.6% interest p.a. with clear conditions and without additional costs or deposit limits involved., September 2023: Monzo added an investment feature to its offerings. The feature lets clients put their money in funds managed by BlackRock, allowing users to invest even a single British pound, according to the Monzo company website., November 2022: Varo made Zelle (peer-to-peer payment network) as part of its mobile app without partnering with a bank. The launch provided account holders with early access to their paychecks, open free checking and savings accounts, and apply for installment loans., August 2022: Revolut expanded its product lines and geographical presence in the neobank market. It launched credit products leveraging its credit license in Australia and banking license in Europe and is also entering the small and medium businesses market as well.. Key drivers for this market are: Rapid Adoption of Neobanking Platforms among MSMEs, Micro and Small Businesses to Drive Market Growth . Potential restraints include: Data Privacy and Compliance with Various Regulations Issues to Impede Market Growth. Notable trends are: Rising Integration of Cryptocurrencies and Blockchain Technology in Neobanking Platforms to Bolster Market Growth.

Revolut had by far the highest number of monthly active users (MAUs) among leading digital banks in Europe in 2024. The UK-based neobank had an average of over *********** MAUs through the year, twice as many as Wise, which ranked second with just over ************* MAUs. Third in the ranking was another UK-based digital bank, Monzo, with roughly ******* MAUs in 2024. Revolut and Wise were also the two largest European digital banks in terms of total assets, with Revolut holding over ** billion euros in assets at the end of 2023.

As of the first quarter of 2020, the apps for Monzo, TransferWise and Starling Bank had the shortest log-in time among the surveyed banking and Account Information Service Provider (AISP) apps. Customers of Monzo bank had an average of *** seconds per session, while an Atom Bank app session took almost ** seconds. Overall, the average log-in time for banking apps and AISP was approximately *** seconds.

As of the first quarter of 2020, Revolut was the banking app with the largest number of supported features in the United Kingdom. Among the ** features available for bank customers are a live chat, management of standing orders, direct debits, and updating contact details. Overall, challenger banking apps, such as Revolut and monzo, have a higher number of supported features than traditional ones and an increased focus on money management.