Monzo Beta launched in 2016 as a live experiment in banking – a way to find out what customers really wanted from the Challenger bank and the company worked on its banking licence and the permission to offer current accounts.
From gaining that licence in 2017, Monzo has offered current accounts and asked its prepaid users to upgrade, with the result that now more than 362,000 customers have upgraded (94 per cent of active accounts).
The company will continue to support its Beta users for a little longer, but will ultimately terminate the accounts unless they are upgraded, none-the-less the conversion rate must be seen as a considerable success.
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