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

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.