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Monzo records first full year of profitability as it eyes international expansion | Fintech InShorts: Latest fintech news, analysis by experts

Monzo records first full year of profitability as it eyes international expansion

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Less than 1 min.Read

Monzo records first full year of profitability as it eyes international expansion

June 7, 2024

Monzo Announces First Full Year of Profitability:

Financial Performance:
- Reported a pre-tax profit of £15.4 million for FY ending 31 March 2024.
- Significant turnaround from a £116.3 million loss in FY2023.
- Gross revenues increased by 2.5x to £880 million.
Revenue Growth Drivers:
- Introduction of new products and services:
  - Call Status fraud prevention tool.
  - Cashback rewards.
  - Monzo Investments.
  - Instant access savings account.
Customer and Deposit Growth:
- Customer deposits surged by 88% to £11.2 billion.
- Expanded customer base by 2.3 million, including 200,000 new business clients.
Funding and Valuation:
- Raised $430 million in March, led by CapitalG (Alphabet’s independent growth fund).
- Supplemented by an additional $190 million last month.
- Post-money valuation now exceeds $5.2 billion.
Future Aspirations:
- Plans to expand presence in the US and Europe.
- Ireland is considered a “gateway” into Europe, with plans to establish a Dublin office.
- Hired Conor Walsh as US CEO to drive US expansion plans.
- Upcoming product launches, including expanded mortgage offerings and a new pensions product.

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