Monzo Business has today announced it has reached one million customers, marking a major milestone just over six years after launching in March 2020. This means the digital bank now serves over 16 million personal and business customers in the UK. The achievement follows a period of exceptional growth, with Monzo Business doubling its customer base in less than two years. It reflects growing demand for simple, intuitive digital banking, as new Monzo research shows more than two thirds (68%) of SMEs rely more on digital banking than they did in 2020. And, 63% say they started using more digital tools and services in their businesses during the pandemic. As businesses increasingly look for banking that helps them manage more of their finances in one place, one in six UK businesses now bank with Monzo, including one in five newly formed businesses. According to the latest annual Current Account Switch Service (CASS) data for SME and charity accounts, Monzo Business was also the most switched-to business account last year. With a range of tools designed to simplify financial admin and support growth, Monzo Business is helping customers spend less time managing money and more time doing what they love. Businesses using Monzo Payment Links get paid 11 days faster on average, while customers have automatically set aside nearly £7 billion in Tax Pots to prepare for future tax bills. Since launch, these customers have also saved over £4 billion in Instant Access Savings Pots, and today hold nearly £1 billion in Instant Access Savings Pots, helping them build stronger cash reserves while earning interest on money set aside for the future. Monzo Business is expanding its suite of products to support larger small businesses with more complex needs. This includes expense cards that help teams manage spending, integrated invoicing and payment tools, accounting integrations, and a free HMRC-recognised Making Tax Digital tool powered by Sage launched earlier this year. Jordan Shwide, General Manager of Monzo Business, said: "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. "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, over £4 billion saved in Business Savings Pots, and billions of pounds processed through our Get Paid tools shows that these aren't just features - they're products businesses rely on every day to stay in control of their finances. As we continue to invest in new products and expand internationally, our focus remains the same: helping businesses spend less time on admin and more time doing what they love." Having now reached businesses in every one of the UK’s 121 postcode areas, Monzo Business is continuing its international expansion. Earlier this year, Monzo began serving business customers in Ireland, and the company plans to launch in Spain, bringing its approach to business banking to even more entrepreneurs and small businesses. As Monzo Business enters its next phase of growth, it remains focused on building the tools and services that help businesses succeed at every stage of their journey. NoYesDigital banking28 Jul, 2026