Fintech
Fintech Nexus Newsletter (June 3, 2024): Monzo Revenues Doubled with First Full Year of Profitability
UK digital banking pioneer Monzo today reported its financial results for the 2023-24 financial year.
The numbers are impressive. Total turnover was £880 million for the year, more than double the previous year’s £356 million. More importantly, the company recorded its first full year of profitability of £15.4 million (before tax). compared to a loss of £116m the previous year.
Monzo lent £1.4 billion to customers during the year, an increase of 84%, while also increasing credit losses by 75%.
Deposits also grew to £11.2 billion and the company announced it now has 9.7 million customers, adding 2.3 million during the year.
Monzo also confirmed that it is in the early stages of expansion into the European market, which will begin with an office in Dublin, Ireland.
Overall, this was a solid report for Monzo, proving that it is possible to quickly grow revenue while still being profitable.
In the foreground
> British neobank Monzo reports first full profit (before tax) and prepares for EU expansion with Dublin hub
Paul Sawers
Monzo has announced its 2024 financial results, revealing its first full-year pre-tax profit. The company also confirmed it is in the early stages of expanding into the wider European market through a new base in Ireland.
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Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.