New banks

Monese tops the 1 million customer mark

  • Monese hits an important milestone half a year after raising its Series B.
  • Importantly, the challenger banks sees people depositing their paychecks into their accounts.
close

Email a Friend

Monese tops the 1 million customer mark

Challenger bank Monese announced today that 1 million people had signed up for a bank account with the firm. Customer growth has tripled in 2018, and the company claims that over 3,000 people join the UK-based upstart bank everyday.

What’s the big deal: While Monese’s top-line numbers may not be as big as market leaders N26 or Revolut, its pan-European strategy is paying off. Demand for Monese across mainland Europe surpassed that of the UK in November 2018, and in March 2019, two-thirds of all sign-ups to Monese were in mainland Europe.

While challengers open plenty of new current accounts, many question whether people are using those accounts. Monese maintains that 70 percent of the incoming funds it sees are salary payments.

“Back in 2015, we launched Monese with two beliefs,” said Norris Koppel, founder and CEO of Monese. “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. The fact that we are used as a primary account by the majority of our customers tell us we are meeting a real need.”

0 comments on “Monese tops the 1 million customer mark”

New banks

Challenger bank Current rolls out brick and mortar cash deposits

  • Current serves people who live paycheck to paycheck.
  • Based on user feedback, it's making it easier for its clients to deposit money.
Zoe Murphy | September 03, 2020
New banks

Revolut hits 500,000 business customers

  • Revolut hits key milestone in its growth servicing small businesses.
  • The challenger bank has also rolled out a number of enhancements and features.
Michael Deleon | September 03, 2020
New banks

Wealthfront launches Autopilot, automating savings and money management

  • After launching checking accounts, Wealthfront continues to push ahead with its vision of self-driving money.
  • Autopilot helps clients manage their bank accounts through automation.
Zoe Murphy | September 02, 2020
New banks

Varo’s No Fee Overdraft saved Americans more than $100 million over the past year

  • Banks charge billions of dollars of overdraft fees each year.
  • Overdraft fees cover the costs of "free checking" as those who pay them subsidize banking for everyone else.
Zoe Murphy | September 02, 2020
New banks, Podcasts

BMO Harris’ Niamh Kristufek on empowering women in fintech

  • Fintech firms with women at the helm don't receive the same attention and investment dollars.
  • BMO Harris partnered with 1871 on a cohort of women-led fintech firms with the bank's mentorship and programming.
Zachary Miller | September 01, 2020
More Articles