Monzo annual profit surges as paying subscribers boost digital bank
Monzo annual profit booms four-fold after huge growth
- Monzo reported a pre-tax profit of £60.5 million for the year ending March, a four-fold increase from the previous year's £13.9 million, driven by new customers and subscription growth.
- Founded a decade ago, Monzo, now the UK’s seventh-largest bank with over 12 million customers, achieved its first annual profit last year.
- Monzo's customer base grew by 2.4 million in the past year, with deposits increasing by 48 per cent to £16.6 billion.
- The digital bank has also been cashing in on new paid subscription plans, which offer perks with retailers such as Vue and Greggs, enhanced budgeting features, and phone and travel insurance.
- The bank's fee and commission income increased by 38 per cent to £329 million, with about one million customers subscribing to paid plans that offer perks and enhanced features.