The new CEO of Monzo is a “huge advocate” of Monzo’s business bank, according to its general manager, who hailed hitting one million business customers as “really big”.
Last month, the UK digital bank, which has over 16 million customers across retail and business banking, said Monzo Business, which launched in 2020, had hit one million business customers. Monzo said it was the first UK digital bank to achieve the milestone, saying that one in six businesses now banked with Monzo.
By comparison, Monzo's key challenger bank rivals in the UK, Revolut and Starling, have around 800,000 and 500,000 business customers respectively.
Jordan Shwide, general manager, Monzo Business, said that Monzo CEO Diana Layfield, appointed in October last year, and Monzo staff were shown a video when it hit the 1m mark, featuring interviews with its business customers.
Shwide said: “And that is the thing that Diana has really loved about it. At the core, it has really aligned with our mission to make money work for everyone. She’s been a huge advocate of it.”
