Revenue has topped 拢1bn at digital bank Monzo for the first time.
The FinTech reported a 48% rise in turnover to 拢1.2bn for the year ended 31st March 2025, with profits climbing from 拢13.9m in 2024 – its first full year of profitability – to 拢60.5m. It had posted a 拢116.3m loss in 2023.
The London firm grew its customer base by 25% to 12.2m in 2025, with customer deposits rising 48% to 拢16.6bn and loans and advances increasing 35% to 拢1.6bn.
Sky News reported last month that Monzo was meeting with potential investors ahead of a possible 拢6bn float in London or New York.
However chief executive TS Anil, discussing the results, told reporters: “It’s too early for us to talk about an IPO.
鈥淲e believe we’d make a great public company one day and we’re well on the trajectory to doing that when we choose to, but it’s just not something we’re focused on right now.鈥�
Monzo is now targeting growth in Europe and the US.
Founded in 2015, a primary and secondary share sale last year valued Monzo at 拢4.5bn. The firm has recovered under the leadership of Anil since it was investigated by the Financial Conduct Authority for potential breaches of anti-money laundering and financial crime rules.
Rival Revolut was valued at $45bn in its last funding round and recently reported a staggering 拢1.1bn in profit before tax.