Monzo reported revenue of more than £1bn for the first time, as speculation around when the UK neobank will go public heats up.
According to its latest financial accounts released today, Monzo posted a pre-tax profit of £60.5m for the 12 months to the end of March this year, compared to £13.9m the year before.
Revenues continued to increase, rising from £835m to £1.2bn as interest income increased by over 50%. Fee income and commission income also grew by 38% from £238.7m to £329.2m.
The company attributes its strong revenue growth to growth in its subscription plans as well as an acceleration of its business banking product, which had a “standout year” says CEO TS Anil in an earnings call this morning.
Founded in 2015, Monzo is one of the UK’s most well-known neobanks and has over 12m customers across £16.6bn in deposits. The neobank employs over 3800 people and has made efforts to expand to Ireland and the US in recent years.
Last month, Sky News also reported that the digital bank was preparing to appoint bankers for an upcoming initial public offering, which would see Monzo valued at more than £6bn. The company was last year valued at £4.5bn following a slew of primary and secondary share sales.
Read the orginal article: https://sifted.eu/articles/monzo-hits-profitability-for-second-year-running-amid-ipo-speculation/
