has ended its cash incentivised referral system as the firm continues to grow users at a rapid pace.
now has passed the 3 million ‘users’ number, hitting the milestone late on yesterday and is now onboarding 55,000 people to
The digital bank says that one in 20 adults in the UK now has a Monzo account. Monzo introduced cash referrals last December and, according to a Monzo spokesperson, saw 100,000 people came through the referral programme.
Assuming both parties received £5, this would suggest Monzo paid out £1,000,000 in referral bonuses.
It ended the scheme on Friday 6th September but users will still get £5 for everyone who already used the referral link and entered their email before the 5th of September.
The digital bank has passed a new milestone and is now signing up 55k customers per week.
https://www.altfi.com/article/5743_monzo-halts-cash-referrals-as-it-hits-three-million-users
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