UK neobank Monzo is spending substantially more on customer referral rewards to attract new users. Financial Times reported that Monzo pays referral fees through a “refer a friend” program and that its payouts rise sharply year over year. According to company filings cited by the outlet, Monzo paid £29.5 million on referral rewards in the 12 months leading up to March. The reporting indicates this figure represents an almost 40% increase compared with the same period in the prior year. Financial Times characterizes the spending as “staggering,” framing it as a notable shift in marketing outlays aimed at growing market share. PYMNTS similarly reports the increase, focusing on the magnitude of the payout jump and reiterating the period and amount sourced from Monzo’s filings. Both accounts present the same core information: Monzo’s referral program costs have increased to £29.5 million over the specified 12-month timeframe, reflecting a nearly 40% year-over-year rise. The articles do not provide further detail on how many new customers the program generates or changes to reward terms.