Monzo debit card used at cost terminal.
Monzo
British digital challenger financial institution Monzo reported its first full-year revenue on Monday.
In its annual monetary outcomes, the fintech startup stated its pre-tax income totaled 15.4 million kilos ($19.6 million) within the 2023-2024 monetary 12 months, swinging to a revenue from a lack of 116.3 million kilos the earlier 12 months.
Monzo reported full-year income of £880 million, up from £355.6 million in 2022.
Monzo is likely one of the UK’s largest digital banks, becoming a member of the likes of Starling and Revolut in addition to established banks resembling HSBC and barclays financial institution.
Final 12 months, Monzo reported first-month income. It marks a big shift from 2020, when Monzo warned concerning the firm’s capacity to proceed as a “going concern” in the course of the early days of the Covid-19 pandemic.
The corporate has skilled important progress lately. This 12 months, it was valued at $5.2 billion. That is the results of a partnership with asset administration big BlackRock to launch funding merchandise.
