Monzo Bank has posted a sharp increase in annual profit as revenues topped £1 billion for the first time, as the digital challenger bank celebrated its 10th year since being founded.
Revenue of £1.2 billion were generated in the year to 31 March 2025 rose 48%, supported by similar growth in customer deposits to £16.6 billion as the customer base expanded from 5.4 million to 6.9 million.
Adjusted profit before tax surged 719% to £113.9 million, while on a reported basis, PBT rose 335% to £60.5 million.
Monzo changed its financial year end 2024 from 28 February to 31 March, but to ensure comparability, 2024 results are shown as the 12 months to 31 March 2024.
The bank's weekly active user numbers grew by 28%, with over 2.2 million personal and around 200,000 business customers joining in the year, with business customers now making up 12% of the total. Subscription income also rose by more than 50%, with over 1 million customers now paying for premium accounts.
Headcount rose 5% to 3,736 employees as the business scaled operations to match demand.
"We’re proud to have built on our momentum this year, with performance significantly improving, as it has over the past decade," said chair Gary Hoffman.
"This has come during challenging conditions. Conditions that we expect will continue over the next 12 months... Despite this, I’m confident that
this past year has reinforced the strength of our business model, and we’re well positioned to succeed."