Monzo reports first full-year profit, prepares for EU expansion

Monzo has announced its 2024 financial results, marking its first full-year pre-tax profit of £15.4M, a significant turnaround from the previous years' losses. The neobank also revealed plans to expand into the broader European market with a new base in Ireland. Recently, Monzo raised $620M in funding to support its expansion efforts in both the U.S. and Europe. The company appointed Conor Walsh as CEO of its U.S. operations to spearhead its growth Stateside. Monzo’s revenue surged by 250% to £880M, driven by its lending product and high-interest rates in the U.K.

Despite potential economic headwinds, Monzo's board chair Gary Hoffman remains optimistic about the company's resilience and growth prospects. The neobank’s customer base also grew by over 2.3 million to 9.7 million, with expectations to reach 11 million in the coming year. Monzo's rival Revolut and Brazil's Nubank have also reported positive financial performances, indicating a strong phase for neobanks globally.

Source: TechCrunch