Monzo

UK customers choose between personal, joint and children accounts, and paid plans start at £3 a month on top of the free account. Money can be split into separate pots for bills or saving goals, and savings run through Instant Access, Select Access and Fixed Rate accounts as well as cash ISAs. Credit comes as credit cards, personal loans and overdrafts, and Monzo also sells home insurance and mobile phone plans in the app.

In the year to 31 March 2026, 10.4 million customers used Monzo every month, and 49 percent of them used it as their main bank. During that year Monzo bought Habito to extend its offer for people who buy a home or take out a mortgage.

More than 800,000 businesses in the UK use Monzo for their banking, from sole traders to growing companies. The number of business banking customers rose by 45 percent in the year to 31 March 2026, and Monzo had the most switched-to business account in the UK account switching data for 2024. Business accounts are also part of the offer in Ireland and of the planned launch in Spain, for sole traders and limited companies.

Monzo Bank Europe DAC is registered in Dublin and regulated by the Central Bank of Ireland, which gives Monzo a banking license inside the EU. Irish customers get free accounts with Irish IBANs, and their eligible deposits are protected up to €100,000 by the Irish deposit guarantee scheme. More than 30,000 early Irish customers helped to shape the app before the launch, and human support is available in the app around the clock.

Spain is the second EU market, served by a Spanish branch of Monzo Bank Europe DAC that is registered with the Banco de España. The team in Barcelona and Madrid takes sign-ups through a waitlist, and Spanish deposits also fall under the Irish deposit guarantee scheme. A customer can hold a Monzo account in only one country at a time.

Monzo grew revenue by 39 percent to £1.7 billion in the financial year to 31 March 2026, and gross profit rose to £1.0 billion. Adjusted profit before tax reached £172.6 million, which is 20 percent more than a year earlier. Customer deposits grew by 55 percent to £25.7 billion, and card spending by Monzo customers reached £73.0 billion. Diana Layfield leads the group as Group Chief Executive Officer.

Monzo was one of the first firms in the AI Live Testing program of the Financial Conduct Authority, where it tested an AI assistant for savings goals such as a vacation or an emergency fund. The assistant turned each goal into a monthly amount and revised the plan when the circumstances of the customer changed, as Steve Martin, VP Engineering at Monzo, described.

Monzo is also one of seven UK banks in the Great British Tokenised Deposit pilot, which tests tokenized deposits in pounds sterling on shared infrastructure built by Quant. The other banks in the pilot are Barclays, HSBC UK, Lloyds Banking Group, Nationwide, NatWest and Santander, and the industry association UK Finance reports on its progress.

The Financial Conduct Authority fined Monzo £21,091,300 in July 2025 for weak financial crime controls in customer onboarding, risk assessment and transaction monitoring between October 2018 and August 2020. From August 2020 to June 2022 Monzo also breached a requirement not to open accounts for high-risk customers, and more than 34,000 such customers were onboarded. Monzo settled and received a 30 percent discount, without which the fine would have been £30,130,475.

Yes, Monzo Bank Limited has been a regulated bank since August 2016 and is supervised by the Prudential Regulation Authority and the Financial Conduct Authority. In the EU, Monzo Bank Europe DAC holds its own banking license from the Central Bank of Ireland.

No, Monzo opens accounts for residents of the UK and Ireland, and residents of Spain can join a waitlist for early access. The Irish license allows Monzo to grow within the EU, but Monzo has named no launch in Germany so far. German residents who want an account in an app choose among the neobanks in Germany instead.

In the UK, eligible deposits at Monzo Bank Limited fall under the Financial Services Compensation Scheme. Customers in Ireland and Spain bank with Monzo Bank Europe DAC, whose eligible deposits the Irish Deposit Guarantee Scheme protects up to €100,000 per customer.

UK customers can invest from £1 in 17 funds, among them ready-made funds and funds from the iShares range of BlackRock, inside a stocks and shares ISA or a general investment account. Monzo Pensions traces old workplace pensions with the help of the partner Raindrop and brings them together in one pension that customers can top up.

Monzo counted 15.2 million customers on 31 March 2026, after 3 million new customers had joined during the financial year. Later in 2026 the bank reported more than 16 million personal and business customers in the UK and Ireland.