Digital bank Monzo posts first full year of profit after more than doubling revenue

A Monzo debit card being used at a payment terminal.

Monzo

Monzo, the British digital challenger bank, on Monday reported its first full year of profitability.

The fintech startup said in annual financial results that its pre-tax profits totaled £15.4 million ($19.6 million) in its 2023-2024 fiscal year, swinging to the black from a £116.3 million loss the year prior.

Monzo posted revenues of £880 million for the full year, up from £355.6 million in 2022. That marked a more than twofold increase.

Monzo is one of Britain’s largest digital banks, competing with the likes of Starling and Revolut as well as established lenders such as HSBC and Barclays.

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Last year, Monzo reported its first month of profit. That marked a major turnaround from 2020, when Monzo warned it faced doubts over its ability to continue “as a going concern” early into the Covid-19 pandemic.

The company has seen significant growth in recent years. This year, it attained a $5.2 billion valuation. That came off the back on investments product in partnership with asset management giant BlackRock.

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