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

Monzo Reports First Full Year of Profitability #

Monzo, a British digital challenger bank, has announced its first full year of profitability. According to its annual financial results, the fintech startup reported pre-tax profits of £15.4 million ($19.6 million) for the 2023-2024 fiscal year. This is a significant improvement from the £116.3 million loss it incurred in the previous year. Monzo’s revenues also saw substantial growth, increasing to £880 million from £355.6 million in 2022, more than doubling its revenue. Despite facing challenges during the pandemic, the company has experienced significant growth, including attaining a valuation of $5.2 billion.