The Monzo debit card is used at the payment terminal.
Monzo
British digital challenger bank Monzo on Monday reported its first full year of profitability.
The fintech startup said in its annual financial results that its pre-tax profits totaled 15.4 million pounds ($19.6 million) in its 2023-24 financial year, swinging into the black from a loss of 116.3 million pounds the previous year.
Monzo reported revenues of £880m for the full year, up from £355.6m in 2022. This represents an increase of more than double.
Monzo is one of Britain's largest digital banks, competing with the likes of Starling and Revolut as well as established lenders such as HSBC And Barclays.
Last year, Monzo reported its first-month earnings. That represents a significant shift from 2020, when Monzo warned it faced doubts about its ability to continue as a “going concern” early in the COVID-19 pandemic.
The company has witnessed significant growth in recent years. This year, its value reached $5.2 billion. This came on the back of an investment product in partnership with the giant asset management company BlackRock.
