Founded in 2015, Monzo is a UK-based digital bank offering current accounts for individuals, limited companies, and sole traders. Operating entirely online without physical branches, Monzo is part of a growing wave of challenger banks leveraging mobile apps to deliver banking services. The bank saw strong growth in 2024/25, with key performance indicators showing consistent improvement. Key figures By 2025, Monzo had grown its customer base to 12.2 million, up from around 9.8 million the previous year. To support this expansion, the bank also increased its workforce, surpassing 3,800 employees. Customer deposits and gross lending saw significant growth, more than doubling over the past two years. Other key financial metrics also strengthened, underscoring Monzo’s continued upward trajectory as a leading digital bank. Competitors Arguably the most prominent disruptor bank to emerge from Europe is London-based Revolut. Since its incorporation in December 2013, Revolut has experienced exponential growth in financial metrics and customer numbers. Another highly successful app-based bank is Berlin-based N26, which reached a major milestone of eight million customers in 2023.