Monzo lost one current account switcher for every two gained in 2025
UK fintech darling Monzo lost one current account switcher for every two it gained last year.
The neobank registered just over 20,000 new switchers in the final quarter, but over half of this was offset by the 11,000 thousand outflows.
The picture for the final few months of the year mirrors the picture for the full year, where the digital bank was able to pick up 70,620 total customers but simultaneously lost half as much.
Monzo’s final net gain total was brought to 36,104, according to figures from Pay.UK. It marks one of the strongest performances across the industry, though showed even the tech-savvy neobanks have faced trouble in holding onto account switchers.
The coral pink lender has also shown the fintechs can be victims too to the historical issues they have sought to hold over the incumbents heads. Monzo suffered a tech outage at the beginning of the year that left some users unable to view funds or make payments.
In the switching data, tech outages have often correlated with a flurry of customers switching providers. Barclays and Santander topped the rankings in the second quarter for customer exoduses following outages hitting their apps.
In a more dire fate for the fintechs, Monzo’s peer Starling was hit with a net loss of 8,433 for the year after suffering more switching outflows than inflows in every single quarter of 2025.
The debut of Monzo and Starling in the UK fintech scene over a decade ago – along with their peer Revolut – rattled the traditional banking landscape. But the figures suggest ten years later the challengers are also coming under pressure to hold onto the very customers they poached.
Revolut is not yet in the current account switching service’s rankings but is expected to be included in the coming year after bagging its full-fat UK banking licence in March paving the way for the formal launch of its UK bank.
Nationwide remains the standout
But the standout performer bagging the most switchers by a lionshare was not a listed traditional lender nor a tech-innovating neobank.
Nationwide reigned supreme in the final quarter continuing its streak of leading its peers with a mammoth majority. The final three months of the year was no different as Britain’s biggest building society clinches its highest net gain for the year at 64,257.
Over the last year the mutual has introduced several sweetener offers to lure switchers in, including a £175 offer for new joiners. The firm also splashed £2.8bn on members in a campaign dubbed the ‘Big Nationwide Thank You’ following its acquisition of Virgin Money that stoked controversy amongst its member base.
The bumper performance suggests switchers were even able to shrug off the £44m fine the building society was slapped with in December for failing to flag Covid fraud between October 2016 and July 2021.