The news: Monzo tied for the second-highest customer score among UK banks in the new report “Best and Worst Banks” from the customer-focused publication Which?
More on this: Monzo scored 83%, as did Triodos Bank, while Starling got the top spot at 85%. The 20-bank list for the report—banks with at least 50 survey respondents—includes both challengers and high-street incumbents.
Room to improve: Monzo’s product score—composed of analysis of fees and rewards—was in the middle, coming in at 64%.
But Monzo missed out on becoming a Which? Recommended Provider (WRP), which is for banks that are strong in both the customer and product categories.
The big takeaway: Monzo’s good consumer rating follows the $475 million funding round that it closed in December 2021 with a $4.5 billion valuation. The neobank has an opportunity to use both to jumpstart a virtuous cycle for its capital structure. That would contrast with the uncertainty it expressed in its most recent annual report about whether it could remain a going-concern.
The customer-side findings within its home market mark a show of confidence in Monzo from both its users and a prominent consumer-focused publication.