UK digital banking pioneer Monzo reported its financial results for the 2023-24 fiscal year today.
The numbers are impressive. Total revenue was £880 million for the year, more than 2x the £356 million from the previous year. Most importantly, the company reported its first full year of profitability of £15.4 million (pre-tax). up from a loss of £116 million the previous year.
Monzo loaned £1.4 billion to customers during the year, an increase of 84%, while also increasing credit losses by 75%.
Deposits also grew to £11.2 billion, and the company announced that it now has 9.7 million customers, adding 2.3 million during the year.
Monzo also confirmed that it is in the early stages of expanding into the European market, which will begin with an office in Dublin, Ireland.
All-in-all, this was a solid report for Monzo, showing that you can grow revenue quickly while also being profitable.
Featured
> UK neobank Monzo reports first full (pre-tax) profit, prepares for EU expansion with Dublin hub
Paul Sawers
Monzo has announced its 2024 financial results, revealing its first full-year pre-tax profit. The company also confirmed that it’s in the early stages of expanding into the broader European market via a new base in Ireland.
From Fintech Nexus
> Banks slowly preparing for AI, open banking: Sopra Digital Banking Experience Report
By Tony Zerucha
AI occupies executives’ thoughts in many ways, according to the results of Sopra’s third annual Digital Banking Experience Report.
Podcast
Anthony Sharett, President of Pathward, on how to do banking-as-a-service right
While the BaaS space is having a moment right now, there are some banks, like Pathward, that continue to serve their many…
Listen Now
Webinar
Innovations for Smarter and Quicker Lending Decisions
Jun 6, 12pm EDT
The borrower of 2024 is more demanding than ever before. They want instant loan approvals and a frictionless checkout process….
Register Now
Also Making News
- USA: Savings app CEO says 85,000 accounts locked in fintech meltdown: ‘We never imagined a scenario like this’The ongoing Synapse bankruptcy mess has exposed the risks in a corner of fintech that grew in prominence during a boom in venture investment.
- USA: Embedded finance opportunities beckon large banksThe rise of ecommerce and vertical software-as-a-service platforms are prime opportunities for large banks to sell payment processing, card issuance and other banking capabilities.
- USA: Zelle faces Senate probe on fraud“The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.
- Europe: Bunq, the $1.8 billion European neobank, hopes to secure license for UK expansion this year“I hope we’ll get somewhere by the end of the year, maybe early next year,” Ali Niknam, Bunq’s CEO and founder, told CNBC at the Viva Tech conference in Paris.
- USA: $9.2 billion fintech Navan appoints ex-NYSE exec as CFO ahead of anticipated IPOAmy Butte, who was the New York Stock Exchange’s CFO between 2004 and 2006, will join Navan as its new CFO in June.
- USA: How Colony Bank Hired a Fintech Creator to Jump Start InnovationYou won’t find Christian Ruppe on the frontiers of artificial intelligence — and you surely won’t find him messing with the likes of quantum computing. Instead, the community bank innovation chief focuses on applying his fintech-brewed skills to help his institution move into the fast lane for its own specialties.
To sponsor our newsletters and reach 180,000 fintech enthusiasts with your message, contact us here.