UK digital bank Monzo has crossed a major financial milestone, posting over £1bn in annual revenue for the first time since its launch in 2015. The fintech reported £1.2bn in revenue for its latest financial year—a 48% increase year-over-year—while profit soared to £60.5m, up from £13.9m in 2024, marking a second consecutive year of profitability.
The strong performance comes as Monzo gears up for a planned IPO, with the venue yet to be determined between the UK and the US. The bank’s customer base now stands at around 12 million, and its expansion plans include deepening its footprint in the US and across Europe via its Irish operations.
Customer deposits also grew by 48% to reach £16.6bn, while total assets climbed to £18.3bn, a 41% rise. Monzo’s headcount increased modestly over the past year, from 3,736 to 3,934 employees. The bank was last valued at £4.5bn in October 2024 following a secondary share sale.
As it scales further, Monzo continues to challenge traditional banks with a digital-first approach, demonstrating how fintechs can achieve both high growth and profitability ahead of public market entry.