(28 July 2026 – United Kingdom) Monzo Business has reached a major milestone, surpassing one million business customers just over six years after launching in March 2020. The achievement brings Monzo’s total customer base to more than 16 million personal and business customers across the UK.
The milestone caps a period of rapid growth for Monzo Business, which has doubled its customer base in less than two years. The expansion reflects the increasing shift towards digital banking among UK businesses, with new Monzo research revealing that 68% of small and medium-sized enterprises (SMEs) rely more heavily on digital banking than they did in 2020. Nearly two-thirds (63%) also report adopting more digital tools and services during the pandemic to support their operations.
As businesses seek banking solutions that simplify financial management, Monzo has strengthened its position in the market. Today, one in six UK businesses banks with Monzo, including one in five newly established businesses. The digital bank was also the UK’s most switched-to business current account provider last year, according to the latest Current Account Switch Service (CASS) data for SME and charity accounts.
Monzo Business continues to expand its range of financial tools designed to reduce administrative burdens and help businesses manage their finances more efficiently. Businesses using Payment Links receive payments an average of 11 days faster, while customers have collectively set aside almost £7 billion in Tax Pots to prepare for future tax obligations.
Business customers have also saved more than £4 billion through Instant Access Savings Pots since the feature launched and currently hold almost £1 billion in these accounts, helping them strengthen cash reserves while earning interest on funds set aside for future needs.
To support growing businesses with increasingly complex financial requirements, Monzo Business has broadened its product offering to include expense cards for employee spending, integrated invoicing and payment solutions, accounting software integrations, and a free HMRC-recognised Making Tax Digital tool developed in partnership with Sage.
Jordan Shwide, General Manager of Monzo Business, said reaching one million customers reflected the confidence business owners have placed in the digital bank since its launch.
“Reaching one million customers is an incredible milestone and a testament to the trust that business owners have placed in Monzo over the past six years,” he said.
“When we launched Monzo Business in 2020, our ambition was simple: to build a bank that genuinely made running a business easier. We’ve focused on solving the everyday challenges business owners face—from getting paid faster and setting money aside for tax to managing expenses and staying on top of their finances.
“Seeing nearly £7 billion set aside in Tax Pots, more than £4 billion saved in Business Savings Pots, and billions of pounds processed through our Get Paid tools demonstrates these are not just features—they are products businesses rely on every day to stay in control of their finances. As we continue investing in new products and expanding internationally, our focus remains on helping businesses spend less time on administration and more time doing what they do best.”
Having established a presence in each of the UK’s 121 postcode areas, Monzo Business is now accelerating its international growth strategy. Earlier this year, the company launched business banking services in Ireland and plans to expand into Spain, bringing its digital-first approach to a broader community of entrepreneurs and small businesses.
As Monzo Business enters its next stage of growth, the company says it remains committed to developing products and services that support businesses throughout every stage of their journey.