Monzo Reaches 1 Million Customer Milestone

04 de Octubre, 2018

Tiempo estimado de lectura: 2 minutos

The startup is currently signing up 20,000 new customers per week, equating to 15% of all new current account openings in the UK, according to Monzo.

Moreover, users have spent £4 billion ($5.36 billion) with their Monzo cards so far, and spend £12,000 ($15,785) every minute. The vast majority of the neobank’s growth comes via word of mouth or referrals, meaning it’s likely spent little on marketing efforts. And, while it took the neobank longer to reach this milestone than some of its competitors, including Revolut and Germany’s N26, it’s still great news for the company. The startup should now keep in mind that only 20% of its customers use Monzo as their primary account, which means that it loses £17 ($22.36) per customer for 80% of its users, versus £6.50 ($8.55) for the rest. It should now focus on getting people to use Monzo as their primary account, and extending its offerings to under 18s is likely a good approach, because the earlier someone can use a bank, the more likely they are to establish it as their main account.

Fuente: Business Insider


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