Monzo Reports First Full Year of Profit with £15.4M Profit and Revenue Surge

Jun 3, 2024, 08:26 AM

British digital bank Monzo has reported its first full year of profitability, marking a significant milestone for the fintech company. The bank achieved pre-tax profits of £15.4 million ($19.6 million) and saw its revenue surge to £880 million. This turnaround comes after Monzo posted a £116.3 million loss last year. The substantial increase in revenue and profitability underscores Monzo's successful efforts in expanding its customer base and enhancing its financial services. Monzo's first annual profit highlights its growth and resilience in the competitive digital banking sector.