Revenue has topped £1bn at digital bank Monzo for the first time.
The FinTech reported a 48% rise in turnover to £1.2bn for the year ended 31st March 2025, with profits climbing from £13.9m in 2024 – its first full year of profitability – to £60.5m. It had posted a £116.3m loss in 2023.
The London firm grew its customer base by 25% to 12.2m in 2025, with customer deposits rising 48% to £16.6bn and loans and advances increasing 35% to £1.6bn.
Sky News reported last month that Monzo was meeting with potential investors ahead of a possible £6bn float in London or New York.
However chief executive TS Anil, discussing the results, told reporters: “It’s too early for us to talk about an IPO.
“We believe we’d make a great public company one day and we’re well on the trajectory to doing that when we choose to, but it’s just not something we’re focused on right now.”
Monzo is now targeting growth in Europe and the US.
Founded in 2015, a primary and secondary share sale last year valued Monzo at £4.5bn. The firm has recovered under the leadership of Anil since it was investigated by the Financial Conduct Authority for potential breaches of anti-money laundering and financial crime rules.
Rival Revolut was valued at $45bn in its last funding round and recently reported a staggering £1.1bn in profit before tax.