Monzo Crosses £1B Revenue Mark as IPO Buzz Grows (CEO Says Not So Fast…)
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Monzo has reached a new milestone, surpassing £1 billion in revenue. The UK-based digital bank reported £1.2 billion in annual revenue, a 48% increase from the previous year. Profits surged as well, with adjusted pre-tax earnings approaching £114 million, 8x times higher than the year before.
It’s Monzo’s 2nd straight year of profitability, suggesting its business model has not only matured but is gaining momentum. The bank’s customer base now stands at 12 million, with 6.9 million active each week. Deposits hit £16.6 billion, and Monzo Business, still one of its newer ventures, grew to 600,000 customers, a 50% jump in just 12 months.
Outside the balance sheet, executive pay made headlines. One director took home £12 million, a 607% increase from the year before. It’s a striking figure that highlights both the rewards and responsibilities that now come with Monzo’s growing role in the market.
Monzo had been widely seen as edging closer to a public listing, reportedly with support from Morgan Stanley in either the UK or the US, potentially as early as the first half of next year. However, CEO Anil has now dismissed the IPO speculation following a surge in profits. “Honestly, an IPO is not something we’re focused on right now,” he said. “We’re entirely focused on scaling the business and taking it to greater heights.” Still, Anil acknowledged the possibility in the long term, noting, “We believe Monzo would make a great public company one day.”
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NEWS
🇬🇧 British challenger bank Monzo's profit soars and revenue tops $1.35 billion. The digital bank has reported significant growth, with its customer base increasing by 25% to reach 12.2 million and revenue rising by 48% to £1.2 billion. Meanwhile, Monzo's boss denies IPO rumours after jump in profits. “Honestly, an IPO is not something we’re focused on right now,” Chief Executive TS Anil said.
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