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

Monzo, the British electronic challenger financial institution, on Monday claimed its very first total year of profitability.

The fintech startup reported in yearly economical final results that its pre-tax revenue totaled £15.4 million ($19.6 million) in its 2023-2024 fiscal yr, swinging to the black from a £116.3 million reduction the calendar year prior.

Monzo posted revenues of £880 million for the whole yr, up from £355.6 million in 2022. That marked a extra than twofold improve.

Monzo is one particular of Britain’s biggest digital banks, competing with the likes of Starling and Revolut as properly as founded lenders such as HSBC and Barclays.

Very last year, Monzo documented its 1st thirty day period of income. That marked a major turnaround from 2020, when Monzo warned it faced uncertainties more than its ability to continue on “as a likely problem” early into the Covid-19 pandemic.

The enterprise has noticed sizeable growth in the latest decades. This yr, it attained a $5.2 billion valuation. That came off the back again on investments products in partnership with asset administration large BlackRock.