Fintech unicorn Monzo declares major milestones
Today Monzo announced a milestone in the company’s expansion. Though Monzo was founded in 2015, banking limitations were lifted in 2017. Operating at full capacity for just two years, the unicorn challenger bank has now has 3mn active accounts, as much as 1 in 20 adults, according to Monzo.
Monzo took 11 months to achieve the first million, eight months for the second million and four months for the third. At this rate of acceleration, it would not be unreasonable to predict that the mobile-only bank will achieve 5mn by the start of 2020.
To celebrate the milestone, the bank shared some statistics on customer usage:
Coral cards have been used 750mn times
Over £18bn has been spent across all accounts
55,000 people sign up every week
Just under £50,000 is spent through Monzo each minute
Friends on Monzo send one another £4.97mn a day
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Did you know?
Monzo has a block feature for gambling, which was a tremendous success with over 140,000 individuals using it. According to an interview with Wired, Blomfield hopes to move onto a junkfood block.
Earlier this year, FinTech covered the top features of the challenger bank. You can read about it here.
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.
Frictionless banking, the Salesforce way
Alan Donnelly has enjoyed a long and successful career in the IT and financial services industry. He has worked with banks, insurers, payments companies, fintechs and more in support of business transformation programmes for some of the biggest names in the business for the past 27 years.
Today, he’s head of financial services for Salesforce UK, the leading global, cloud-based CRM platform that integrates customers and companies. Donnelly is also currently leading the Salesforce operation that is digitally transforming the UK arm of the Madrid-based Santander Group.
“I have had the pleasure of working with many financia
l institutions over many years,” he says. “Typically, it was involved in helping customers build big banking systems and banking platforms that ran what we would call systems of record. But now, as I've moved into Salesforce and we're building our financial services business, we are really now helping our customers engage with their customers.”
The partnership withSantander is a multi channel operation that sees Salesforce helping the bank to engage better with corporate clients and retail customers via their branches and the internet, says Donnelly.
“We're also helping them with customers, who maybe wish to acquire mortgages and mortgages for the life events. I guess it's a multi connectivity environment. But in every case, Santander needs to understand the customer's requirements and better serve those customers in the right time and the right fashion,” Donnelly explains
He adds, “I also think the ability to contact customers whenever they need help and support, as we've seen in the recent pandemic, has proven critical - so I think technology is definitely much more connectable and effective than it was before.”