- Monzo crossed £1B in gross profit for the first time, marking its third straight profitable year
- Revenue jumped 39%, while adjusted pre-tax profit rose 20% to £172.6M
- The fintech is accelerating its European push with launches in Ireland and Spain
British digital bank Monzo has crossed a major financial landmark, reporting more than £1 billion in gross profit for the first time as it ramps up expansion across Europe. The London fintech posted adjusted pre-tax profits of £172.6 million for the year, up 20% year-on-year, extending its profitability streak to three consecutive years.
Revenue surged 39%, driven by strong performance across four major income streams, current account balances, borrowing, payments, and wealth products, each contributing more than £300 million. Monzo also added a record 3 million customers over the year, taking its regular user base to 10.4 million.
Founded in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon, and Gary Dolman, Monzo emerged as one of the UK’s most recognised challenger banks by building a mobile-first banking platform focused on spending insights, budgeting tools, instant notifications, and seamless digital payments. Over time, the company expanded into lending, savings, wealth management, and business banking.
Its business banking division is becoming increasingly important to growth. Business customers climbed 45% to more than 905,000, with the segment now generating 14% of total revenue.
Monzo now faces intensifying competition across Europe. Revolut remains one of its biggest rivals in digital banking, while JPMorgan Chase is preparing to expand its digital bank Chase into Germany in the coming weeks. Despite shutting down its US operations earlier this year, Monzo is betting heavily on Europe. The company launched in Ireland in April, attracting 100,000 customers to its waitlist before rollout. It has also identified Spain as its next growth market, opening offices in Barcelona and Madrid as it aims to localise its services for European customers.
