Compared to its previous fiscal year, Monzo increased its revenue by 48% to 1.2 billion pounds (about $1.6 billion), its customers by 25% to 12.2 million, and its customer deposits by 48% to 16.6 billion pounds (about $22.5 billion), according to the company’s annual report released Monday (June 2).
“Monzo Bank launched ten years ago with a bold ambition to transform banking and do better by customers,” Monzo Bank CEO TS Anil said in a Monday post on LinkedIn. “Today, we’re the U.K.’s largest digital bank with more than 12 million customers, a much-loved brand and a household name.”
Anil said in the post that Monzo launched more new products than ever before during its most recent fiscal year. These include accounts for Under 16s (U16), or children aged 6 to 15, which are linked to a parent’s or guardian’s account; pensions; and new subscription plans that offer a range of added benefits.
The company’s revenue growth was seen across its business, especially in business banking, Anil added.
Anil said in the annual report that the revenue growth has been supported by more business and personal customers bringing “more and more of their financial lives to us,” as evidenced by the growth in customer deposits and the fact that 33% of Monzo’s customers used it as their primary bank.
“And this year, you will see more products, more markets, and more Monzo magic than ever before,” Anil said in his LinkedIn post.
It was reported in January that Monzo wants to go public but that its leaders couldn’t agree on where to list, with Anil backing an initial public offering (IPO) in the United States and the neobank’s board wanting to list in Monzo’s home city of London.
At that time, it was reported that Monzo was valued at $5 billion in 2024, was in preliminary talks with bankers as it worked to become “IPO ready,” and had not yet settled on a timeframe for an IPO.
Anil told Bloomberg News Monday that Monzo “will make a good public company one day” but that it is too early to disclose any details.
