Monese signs-up two million customers with strong growth across European accounts

Monese, the banking service that gives people the financial freedom to thrive anywhere, has today announced two million people have signed up to its service. In 2019, customer growth tripled with more than 9,000 people now joining Monese every day. At this current growth rate, Monese is on track to exceed five million sign-ups in 2020.

In the last six months, Monese has doubled its customer sign-ups, with mainland Europe accounting for nearly three quarters of this growth. This milestone demonstrates significant momentum, following Monese’s successful $60 million Series B fundraise in September 2018, the introduction of joint accounts, as well as increased functionality across all products.

Outside the UK’s 800,000 current account holders, France and Germany remain Monese’s core markets, with over 200,000 sign ups in France alone in the last year. Unlike many of its peers, customers are also using Monese as a primary bank account, as 70% of incoming funds are salary payments.

Monese’s two million milestone follows several significant partnerships and product developments. In November, Monese created the EU’s first cross-border Joint Account and launched its UK Joint Account offering.

In April, Monese also enabled Apple Pay across 12 European countries. Apple customers living in UK, France, Germany, Belgium, Denmark, Finland, Ireland, Italy, Poland, Spain, Sweden and Switzerland can use their Monese cards via Apple Pay, wherever it is accepted.

In February, Monese became the world’s first current account to link with Avios, the loyalty currency, so users can easily track and maximise their Avios balance and check their transactions.

Monese provides mobile-only UK and European current accounts, small business accounts, and is available in 31 countries across Europe. Both the app, and all aspects of customer service, are available in 12 languages, allowing people and businesses to bank like a local across Europe.

Norris Koppel, Founder and CEO of Monese, said: “We are delighted to have achieved two million sign-ups and see such strong growth across Europe. It took 42 months to get to one million customers and only eight months to reach today’s milestone. We started Monese with one goal – to provide financial freedom anywhere and everywhere. We’re beginning to expand this and are seeing huge popularity in big global cities across Europe.

“The past 12 months alone has also seen the business launch pioneering products such as Europe’s first cross-border joint account, the introduction of UK joint accounts, an exclusive Avios partnership. This is only the beginning. I look forward to an exciting year ahead.”

Author: Yash Hirani

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