UK Challenger Banks Adding Customers in Large Numbers
The leading UK challenger banks are getting some serious traction with customers. Revolut now boasts 1.5 million customers with Monzo and N26 each with 500,000 customers and Tandem adding their 250,000th customer recently. But most people are not using these new challengers as their primary bank with Monzo sharing that 80% of their customers do not have their salaries deposited into their account. And the average balance of deposit accounts at Monzo is just £150. Source.