A Monzo debit card getting used at a payment terminal.
Monzo
Monzo, the British digital challenger bank, reported its first fully profitable 12 months on Monday.
The fintech startup announced in its annual financial results that its pre-tax profit for the 2023-2024 financial 12 months totaled £15.4 million ($19.6 million), returning to the black after a lack of £116.3 million within the previous 12 months.
Monzo reported revenue of £880 million for the total 12 months, up from £355.6 million in 2022, greater than double the figure.
Monzo is one in all the UK’s largest digital banks, competing with the likes of Starling and Revolut, in addition to established lenders resembling HSBC And Barclays.
Last 12 months, Monzo reported its first month of profit, a serious turnaround from 2020, when Monzo warned at first of the Covid-19 pandemic that there have been doubts about its ability to proceed “as a going concern”.
The company has experienced significant growth lately, reaching a valuation of $5.2 billion this 12 months due to investment products in partnership with asset management giant BlackRock.
