UK digital bank Tom Blomfield has said 94% of its active users have upgraded to full current accounts 2015 after it was given a UK banking licence. The company now claims 500,000 current account customers and said it is the biggest digital challenger bank in the UK , offering bank transfers, direct debits, standing orders and £85,000 of Monzo protection. Monzo launched prepaid accounts in 2015 and 98,000 customers, including almost all active users, have now upgraded. Pre-paid cards belonging to the 362,000 who have not upgraded have now stopped working.
UK digital bank Monzo has said 94% of its active users have upgraded to full current accounts just a year after it was given a UK banking licence. The company now claims 500,000 current account customers and said it is the biggest digital challenger bank in the UK, offering bank transfers, direct debits, standing orders and £85,000 of Financial Services Compensation Scheme protection. Monzo launched prepaid accounts in 2015 and 362,000 customers, including almost all active users, have now upgraded. Pre-paid cards belonging to the 98,000 who have not upgraded have now stopped working.