Banking challenger Monese tops 1m customers

 
Emily Nicolle
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Source: Monese

British banking startup Monese has surpassed the 1m customer milestone, as user growth tripled in the last year alone.


The banking app, which counts Monzo, Revolut and Starling Bank among its rivals, said over 3,000 people are now joining Monese every day across its dual UK and European current accounts.

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Monese said demand for its accounts in mainland Europe experienced a significant spike in the last year, with two-thirds of all sign-ups now originating on the continent as of March this year.

The milestone follows the startup's $60m (£46m) series B funding round in September last year. It announced at the time that unlike most of its peers, most of its customers use Monese as a primary bank account.


The startup said 70 per cent of all incoming funds on the app are salary payments, a category which is highly-desired by other fintech banks.

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“We are delighted to have achieved one million sign-ups and see such strong growth across Europe," said chief executive and founder Norris Koppel.

"Back in 2015, We launched Monese with two beliefs. First, banking should be truly global. The second, technology should give everyone access to modern, convenient and affordable banking services. Today, we feel closer to both of these goals."