Monzo alters its financial year and reports FY 2024 revenue of £880M, 9.7M customers, £11.2B in deposits, and a pretax profit of £15.4M, vs. a loss in FY 2023
- British digital bank now has almost 10 million customers — Monzo is opening a new office in Ireland to grow in the EU
Context & Ripple Effects
Monzo entered FY2024 after reporting a £116M net loss in FY2023 despite rapidly rising revenue, making the move to pretax profitability a meaningful change in its operating trajectory. Its May 2024 fundraising also indicated that international growth was part of the company’s near-term agenda.
The Ireland office was an early EU-expansion step that later led to an Irish banking license for offering its account products across the EU. Subsequent results show the initial profitability was not isolated: FY2025 revenue, deposits, and pretax profit all rose sharply.
First-order effects
- Monzo shifts from the prior year’s loss to a £15.4M pretax profit while reporting a substantially larger customer and deposit base, strengthening its ability to fund operations from its banking business.
- Opening an Ireland office gives Monzo an operational foothold for pursuing EU growth, alongside its established UK business.
Second-order effects
- A larger deposit base gives Monzo more customer funding under its control, increasing the importance of retaining those balances as it expands products and geographies.
- The Ireland push turns EU growth into an execution and regulatory priority rather than solely an international ambition; the later Irish license approval shows that local authorization became central to that strategy.
Third-order effects
- If sustained, Monzo’s progression from loss-making growth to profitable scale would reinforce the view that digital banks can compete on core banking economics, not just customer acquisition.
- The later growth in revenue, deposits, and profits reported for FY2026 suggests a durable model may depend on pairing customer scale with deeper financial-product usage and regulated market access.
The trend: Digital banks are moving from venture-funded customer growth toward deposit-led, profitable banking models that can support cross-border expansion.