UK fintech Monzo has reported a significant boost in profitability, with revenue exceeding £1 billion for the first time.
The digital bank, established in 2015, saw profits soar to £60.5 million for the last financial year, a substantial increase from the £13.9 million recorded in 2024, marking its first full year of profitability.
Revenue reached £1.2 billion, reflecting a 48% year-on-year growth, while customer deposits rose by the same percentage to £16.6 billion. Total assets also climbed, increasing by 41% to £18.3 billion.
Monzo has attracted approximately 12 million customers and announced plans in 2024 to expand into Europe through its Irish operations, as well as to enter the US market, alongside preparations for an IPO. A venue for this IPO, which could occur in either the UK or the US, has yet to be determined.
The company’s workforce grew from 3,736 to 3,934 over the past year. As of October, Monzo was valued at £4.5 billion following a secondary share sale.