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Home Challanger banks Monzo has reached over 135,000 paying subscribers

Monzo has reached over 135,000 paying subscribers

Digital bank Monzo has reached a combined total of 135,000 customers for its two premium bank account options since their launch in 2020

This way the challenger bank seeks a way to profitability after losses and decrease of valuation of the company during the funding.

Read also: Starling Bank confirms £272m funding round led by Fidelity Investments

Monzo offers two premium options: Monzo Plus, the £5/month subscription, debuted in July 2020 while slightly more expensive Monzo Premium, at £15/month, in October 2020.

CEO of Monzo TS Anil told Sunday Times, that the two premium offerings have both hit this milestone, while Monzo’s business accounts, which launched in March 2020 and offer a £5/month Pro version, have now reached 80,000 accounts.

These are important news for Monz, especially because as mentioned, its most recent annual report showed that losses doubled to £113.8 million ($149.5 million) for its 2020 fiscal year.

Very important change has come with the departure of previous CEO Tom Blomfield. TS Anil came to the position of CEO from being the US CEO of the company. However, TS Anil has vast experiences from the financial world in the first place.

“Honestly nothing fazes TS. He really can handle high amounts of stress and never shows it. I watched him transform a business and lead through the financial crisis,” said Meghan Connolly, who worked under Anil at Standard Chartered.

TS Anil now says the company’s revenue is “diversified across three buckets,” including transaction payments, “good” fees (subscriptions and commissions), and lending, with the three “roughly equally weighted in terms of mindshare, focus and so on.”

In the interview Anil also disclosed that Monzo’s revenues are up 30 % from their pre-Covid levels and that the challenger is currently adding 100,000 UK customers a month.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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