Monzo brings back referral bonus for people who recommend the bank to their friends

dailyrecord.co.uk:

Monzo has reinstated a referral bonus more than two years after it was scrapped for people who sign up their friends to the challenger bank.

The bank has been gradually rolling out the referral payments to its users over the past month, and they are now accessible to all Monzo account holders.

The referral bonus gives £5 to both the customer and to the new friend who they manage to sign up for an account. Monzo first introduced the quick cash boost scheme several years ago, but discontinued it three years ago, in 2019, when the bank was facing financial pressure. "We know how much our customers love using Monzo and the experience of doing so with friends, through features like bill splitting and shared tabs," the bank said.It added: “The average customer has 30 friends using Monzo and now we're letting them invite even more to explore the benefits." The bank said it wanted to "moderate" its growing number of users, This Is Money reported at the time, adding that the bank had paid out around half a million pounds in two months before scrapping the bonus incentive.

The decision came as the rapidly growing company needed to shore up its finances.The bank reported a £130 million loss for the year to February 2021, an increase of £16 million from a year earlier. Get the latest money-saving and benefits news sent straight to your inbox.