LONDON – Monzo reported its first annual profit on Monday in a milestone for the fast-growing British digital bank as it works towards its goal of a stock market flotation. The mobile app-based bank has amassed 9.7 million customers since its launch in 2015 but had previously found it tough to translate its popularity into profit. Monzo boasts a pretax profit of 15.4 million pounds ($19.6 million) for the year to March 2024 in its latest annual accounts, a significant turnaround from the 116.3 million pound loss the previous year. The company’s revenue more than doubled to 514.4 million pounds with its expansion into lending and savings products. Monzo CEO TS Anil has expressed the company’s ambition to go public and has secured additional funding to drive its growth. Despite challenges in loan defaults, Monzo remains optimistic about its future, with plans to enter the U.S. market and expand further into Europe.
Monzo Achieves First Annual Profit of $19.6M, Eyes Stock Market Listing, UK
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