Monzo Lost One Current Account Switcher for Every Two It Gained
Hey Digital Banking Fanatic!
UK FinTech darling Monzo lost one current account switcher for every two it gained last year.
The neobank registered just over 20,000 new switchers in the final quarter, but over half of this was offset by the 11,000 outflows.
Monzo’s final net gain total was brought to 36,104, according to figures from Pay.UK. It marks one of the strongest performances across the industry, though it showed that even the tech-savvy neobanks have faced trouble in holding onto account switchers.
The UK lender has also shown that the FinTechs can be victims too of the historical issues they have sought to hold over the incumbents' heads. Monzo suffered a tech outage at the beginning of the year that left some users unable to view funds or make payments.
Revolut is not yet in the current account switching service’s rankings, but is expected to be included in the coming year after bagging its UK banking licence in March, paving the way for the formal launch of its UK bank.
Dive deeper into digital banking's latest moves below. Catch you tomorrow!
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INSIGHTS
💰 Nu Holdings Customer Deposits by year.
NEWS
🇬🇧 Monzo lost one current account switcher for every two gained in 2025. Monzo saw strong customer switching gains but also significant outflows, ending the year with a net increase of about 36,000 accounts, highlighting challenges in retaining users.
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🇺🇸 Revolut would start one of its secondary share sales later this year that would value the FinTech at between $100bn and $120bn. Revolut has secured a UK banking licence and is pursuing one in the US as part of its global expansion, while preparing for a potential IPO in the coming years.
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