Monzo Business reaches one million customers
What's the deal? Monzo Bank has reached one million customers for Monzo Business, the business-banking division it launched in 2020. According to Tech.eu, Monzo said the milestone made it the first UK digital bank to reach that level and that one in six UK businesses now banked with the service. Monzo has more than 16 million customers across retail and business banking.
Business model: Monzo Business offers a free Lite plan and paid Pro and Team plans priced at £9 and £25 per month respectively. The product generates revenue through subscriptions, interchange fees, interest on deposits and lending. Monzo's 2026 annual report said the division contributed 14% of the group's £1.7bn revenue, up from 12% in the previous year, while the company added 280,000 business customers during 2026 and reported that 47% of monthly active business customers were paid subscribers.
Leadership and expansion: Jordan Shwide, general manager of Monzo Business, said CEO Diana LayfieldDealroom has a profile for this one. Try Dealroom → had been a strong advocate of the division. Monzo is also expanding internationally: it launched in Ireland earlier in 2026 and plans to launch Monzo Business in Spain. The company says it works with business owners in each market to adapt products to local needs, while focusing on account opening, payments, cash-flow management and compliance.
Why it matters: The milestone shows Monzo's business banking operation becoming a material part of the group's customer base and revenue mix. It also gives the company a second growth engine alongside retail banking, with paid subscriptions and lending adding monetisation beyond payment activity as Monzo expands across Europe.
Read more: Tech.eu (13 August 2026)
