Monzo Surges to Profit and Eyes EU Expansion
Hey FinTech Fanatic!
Monzo Bank has just posted its first full year of profit, a monumental achievement following a period of rapid growth and transformation. The fintech startup reported pre-tax profits of £15.4 million ($19.6 million) for the 2023-2024 fiscal year, a dramatic turnaround from a £116.3 million loss the previous year.
With revenues surging to £880 million, more than doubling from £355.6 million in 2022, Monzo has solidified its position as one of Britain’s premier digital banks. This financial leap underscores Monzo's resilience and adaptability, having bounced back from the challenges posed during the early days of the Covid-19 pandemic.
Highlights of Monzo's impressive year include:
- A profit of £15.4m ($19.6m)
- Revenue growth of 2.5x
- Deposits increased by 88% to £11.4bn ($14.51bn)
- Card spending rose by 47% to £47.8bn ($60.85bn)
- Gross loan book expanded by 84%
The bank is not just resting on its laurels; it is actively planning to open an office in Dublin as a gateway to the European Union market, with further expansion into the US on the horizon. Monzo's customer base has grown to 9.3 million consumers and 400,000 business clients, reflecting its broad and growing appeal.
In other news, European neobank bunq is aiming to secure a license for UK expansion after Brexit-related challenges. CEO Ali Niknam expressed optimism about gaining approval by the end of the year, as bunq also eyes the US market.
Cheers,
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The bank says it has plans for an Irish 🇮🇪 office as part of a bid to enter the European Union market. Monzo also revealed that it is in the early stages of opening an office in Dublin, which it described as a “gateway” to expand across the EU.
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