British digital challenger bank Monzo reported its first full-year profit on Monday.
In its annual results, the fintech startup reported pre-tax profits of 15.4 million pounds ($19.6 million) for the 2023-2024 financial year, turning around a loss of 116.3 million pounds the previous year.
Monzo reported full-year revenue of £880 million, up from £355.6 million in 2022 – more than double the increase.
Monzo is one of the UK’s largest digital banks, competing with banks such as Starling and Revolut, as well as established financial institutions such as: HSBC and Barclays.
Monzo reported its first profitable year last year, a marked shift from 2020, when at the start of the COVID-19 pandemic the bank warned there were doubts about whether it could continue “as a going concern”.
The company has seen strong growth in recent years, reaching a valuation of $5.2 billion this year thanks to an investment product in partnership with asset management giant BlackRock.