Fintech Nexus Newsletter (June 3, 2024): Monzo revenue up 2x with first full year of profitability
UK digital banking pioneer Monzo reported its financial results for the 2023-24 fiscal year today.
The numbers are impressive. Total revenue was £880 million for the year, more than 2x the £356 million from the previous year. Most importantly, the company reported its first full year of profitability of £15.4 million (pre-tax). up from a loss of £116 million the previous year.
Monzo loaned £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 that 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 expanding into the European market, which will begin with an office in Dublin, Ireland.
All-in-all, this was a solid report for Monzo, showing that you can grow revenue quickly while also being profitable.
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> UK neobank Monzo reports first full (pre-tax) profit, prepares for EU expansion with Dublin hub
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Monzo has announced its 2024 financial results, revealing its first full-year pre-tax profit. The company also confirmed that it’s in the early stages of expanding into the broader European market via a new base in Ireland.
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