Monzo debit card used at payment terminal.
Monzo
British digital challenger bank Monzo reported its first full-year profit on Monday.
In its annual financial results, the fintech startup said its pre-tax profits totaled 15.4 million pounds ($19.6 million) in the 2023-2024 financial year, swinging to a profit from a loss of 116.3 million pounds the previous year.
Monzo reported full-year revenue of £880 million, up from £355.6 million in 2022.
Monzo is one of the UK’s largest digital banks, joining the likes of Starling and Revolut as well as established banks such as HSBC and barclays bank.
Last year, Monzo reported first-month profits. It marks a significant shift from 2020, when Monzo warned about the company’s ability to continue as a “going concern” during the early days of the Covid-19 pandemic.
The company has experienced significant growth in recent years. This year, it was valued at $5.2 billion. This is the result of a partnership with asset management giant BlackRock to launch investment products.
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