Monzo, one of the UK’s leading digital banks, has crossed a major financial milestone, reporting over £1 billion ($1.35 billion) in revenue for the first time, alongside a significant boost in annual profits.
Founded in 2015, the mobile-first challenger bank has steadily built its reputation by offering a customer-centric alternative to traditional British banks like HSBC, Barclays, Lloyds, and NatWest. Over the past year, Monzo expanded its customer base by 25%, reaching 12.2 million users, highlighting strong demand for digital banking services in the UK and beyond.
The fintech firm’s pretax profit for the fiscal year ending March 31, 2025, jumped to £60.5 million, a substantial increase from £13.9 million the year prior. The company also confirmed that fiscal year 2024 marked its first-ever profitable year, signaling growing operational maturity and financial stability.
Revenue grew by an impressive 48%, reaching £1.2 billion. Customer deposits surged to £16.6 billion, also a 48% increase, while total loans and advances rose 35% to £1.6 billion. These figures reflect the bank’s accelerating momentum in consumer lending and savings products.
Monzo CEO TS Anil shared that international expansion is a key focus, with plans to enter new markets across Europe and strengthen its presence in the United States. However, he stopped short of naming specific countries or providing a timeline. While speculation about a future IPO continues to swirl, Anil emphasized that the company is not currently prioritizing a stock market listing.
“We believe Monzo has the potential to be a strong public company one day,” Anil said during a media briefing. “But for now, our focus remains on growing our customer base and expanding internationally.”
The company was valued at £4.5 billion in a secondary share sale last October, with investments from global players including Singapore’s sovereign wealth fund. Meanwhile, Monzo continues to address a regulatory investigation launched in 2021 by the UK’s Financial Conduct Authority regarding its compliance with anti-money laundering and financial crime standards.
As Monzo continues to scale, its performance signals a growing appetite for digital-first banking solutions—both in the UK and globally.
