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  • Credit
  • Innovation
  • United Kingdom

Monzo Introduces a Consumer Lending Service


  • Following a successful test phase, Monzo now lets their nearly 3 million customers apply for loans ranging from £200 to £15,000, over 90 days to 60 months.
  • Besides, they also added an overdraft option last year (charged £0.50/day).


  • 1.6M customers
  • £9.1M revenue ($11.6M)


  • Strengthening their position on the banking industry. This service appears as a strategic shift for Monzo enabling them to withstand competition from other local players such as Starling Bank. Unlike with their initially planned model –which consisted in gathering services from various banking partners on a marketplace– Monzo chooses to build this credit offer in their own name.
  • Achieving profitability. Monzo intends to turn this consumer lending business into their main source of income. So far, they have been making profit on interchange and business finder’s fees charged to their partners.


  • On the credit sector, they join Starling Bank, and become the second neo-banking player in the UK featuring lending services. Revolut and their German counterpart N26 haven’t yet added such options to their sets of offers.
  • Monzo must still prove themselves: even if they claim quite a large user base, most of these customers haven’t yet opted for Monzo as their primary bank. By way of comparison, Starling Bank just released promising results and is about to break even in the UK.
  • Back in June, Monzo landed in the US market in partnership with Sutton Bank. Custoemrs can already subscribe card offers in some towns, including Los Angeles, New York and San Francisco.