Digital financial institution Monzo posts first full 12 months of revenue after greater than doubling income

Monzo, the British digital challenger financial institution, on Monday reported its first full 12 months of profitability.

The fintech startup stated in annual monetary outcomes that its pre-tax earnings totaled £15.4 million ($19.6 million) in its 2023-2024 fiscal 12 months, swinging to the black from a £116.3 million loss the 12 months prior.

Monzo posted revenues of £880 million for the complete 12 months, up from £355.6 million in 2022. That marked a greater than twofold enhance.

Monzo is certainly one of Britain’s largest digital banks, competing with the likes of Starling and Revolut in addition to established lenders similar to HSBC and Barclays.

Final 12 months, Monzo reported its first month of revenue. That marked a significant turnaround from 2020, when Monzo warned it confronted doubts over its means to proceed “as a going concern” early into the Covid-19 pandemic.

The corporate has seen vital development lately. This 12 months, it attained a $5.2 billion valuation. That got here off the again on investments product in partnership with asset administration big BlackRock.