Monzo has ended its cash incentivised referral system as the firm continues to grow users at a rapid pace.
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.