UK fintech Monzo has recorded a sharp rise in profitability and posted revenue in excess of £1bn for the first time.
The digital bank, which launched in 2015, saw profit reach £60.5m for the last financial year, a significant increase on the £13.9m recorded in 2024 which was the first full year of profitability for the fintech,.
Revenue reached £1.2bn ahead of a planned IPO, a 48% increase on the previous year. Customer deposits rose by the same percentage to £16.6bn while total assets rose by 41% to £18.3bn.
Monzo has amassed around 12m in customers and in 2024 announced its intention to expand in Europe, via its Ireland-based business, and the US while also planning to list. So far no venue has been chosen for the planned IPO, which could take place in either the UK or the US.
Headcount rose from 3,736 to 3,934 during the last 12 months. And in October, Monzo was valued at £4.5bn following a secondary share sale.