UK digital bank Monzo is gearing up for expansion into the US and Europe after celebrating its first full year of profitability, achieving a pre-tax profit of £15.4 million for the financial year ending 31 March 2024.
This milestone into the black was propelled by a 2.5x increase in gross revenues, reaching £880 million from diversified income streams.
Monzo welcomed 2.3 million new customers over the year, including 200,000 new business customers, cementing its position as the UK’s seventh-largest bank with a total of 9.7 million customers.
Customer deposits soared by an impressive 88% to £11.2 billion, with deepening engagement across Monzo’s customer base. More than 500,000 customers now subscribe to Monzo Plus and Monzo Premium accounts.
The fast-growing digital bank recently secured around £500 million in new capital, elevating its valuation to $5.2 billion.
Looking beyond the UK, Monzo has established a leadership team to spearhead its entry into the US market and is set to open a new office in Dublin as part of its European expansion strategy.
TS Anil, CEO of Monzo, states, “This was a landmark year of record growth for Monzo. We surpassed 9 million personal customers and 400,000 business customers, launched game-changing new products, closed a £500 million capital raise, and, as planned, reported our first year of profitability. We’ve achieved scale, growth, and profitability, and we have all the right components to seize the huge opportunity ahead.”
