Monzo Crosses 4 Million Customers Though Growth Slows

Monzo now had 4 million customers in the UK which equates to just over 1 in every 16 people in the UK; they are currently signing up 40,000 customers a week; the milestone comes 169 days after they crossed 3 million customers which as AltFi reports, means that customer growth is slowing; they went from 2 to 3 million in just 119 days; It is possible that the slower growth was related to marketing as Monzo previously ran a TV campaign before they crossed 3 million customers; in addition Monzo removed the ability to earn cash for referring customers; another possibility is increased competition from the likes of Starling Bank, Monese and Revolut. Altfi

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