Monzo has announced that 94% of its active users have upgraded to full current accounts as it closes down its prepaid programme
The company first launched its prepaid beta programme in 2015 and received its full UK banking license two years later, in April 2017, starting the journey towards current accounts.
The migration of Monzo customers from prepaid to current accounts began in October of 2017. Since then, Monzo has stated that more than 362,000 customers – including 94% of active users – have upgraded their accounts.
Tom Blomfield, CEO and co-founder of Monzo, commented on this achievement: “We believe that the best way to build a great product is by launching it early and improving it based on feedback from real people.
“I feel very lucky that we have a community of users that care enough to share their enthusiasm, ideas and frank feedback with us. They’ve helped us make Monzo what it is today, and I’m glad that so many people have chosen to join us for what’s next.”
On the Monzo blog, it stated that around 98,000 customers have not yet upgraded their accounts however, there is still time to opt for the upgrade. It is free and there are no additional charges placed on upgraded accounts.