Monzo Business, the business banking arm of the London digital bank Monzo, has reached one million customers, just over six years after it launched in March 2020. Monzo announced the milestone on 28 July 2026 and sent the release to London Business Daily on 27 October 2026.
Monzo Bank Limited is registered at Broadwalk House, 5 Appold Street, London EC2A. The bank says it now serves more than 16 million personal and business customers in the UK, and that its business customer base doubled in less than two years.
One in six UK businesses now bank with Monzo, including one in five newly formed businesses, the company said. It also said Monzo Business was the most switched-to business account in the latest annual Current Account Switch Service (CASS) data for SME and charity accounts.
What customers use
Since launch, Monzo Business customers have set aside nearly £7 billion in Tax Pots for future tax bills and saved more than £4 billion in Instant Access Savings Pots, where they hold nearly £1 billion. Monzo says businesses using its Payment Links get paid 11 days faster on average. Its customers are in every one of the UK’s 121 postcode areas.
The bank is adding products for larger small businesses, including expense cards for teams, invoicing and payment tools, accounting integrations and a free Making Tax Digital tool, recognised by HMRC and powered by Sage, launched in 2026.
New Monzo research in the release found that 68% of SMEs rely more on digital banking than they did in 2020, and 63% started using more digital tools during the pandemic. The survey was carried out by Strand Partners among 1,000 owners and senior decision makers at UK businesses with fewer than 250 staff, between 21 and 23 July 2026.
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.”
Expansion abroad
Monzo began serving business customers in Ireland in 2026 and plans to launch Monzo Business in Spain. More on banking and money for London firms is in our finance section, and more on the city’s companies in our companies section.