Monzo records first full year of profitability. Source: Shutterstock.com

Monzo has revealed it has recorded a profit of £15.4m for the financial year (FY24).

This is Monzo’s first full year of profitability. This is just as the neo-bank predicted in its 2023 report at the this time last year, as it saw a slight improvement on previous losses.

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Monzo revealed that revenue grew x2.5 to £880m, an increase of £534.4m.

Card spend also grew 42% year-on-year to £47.8bn while deposits were up 88% from last year to £11.2bn

The Monzo app is set up to be more like non-banking related apps than its competitors. At the end of last year Monzo revealed its yearly roundup feature, which allowed users to look back through the highlights of their spending habits over the last year, aiming to do so in a fun and positive way, drawing its inspiration from Spotify and others.

The release of these figures is no different, with Monzo releasing its annual report with the same bright colours, design and bold imagery that it uses through its application and marketing.

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Monzo is achieving great success from word of mouth

Another unique selling point of Monzo is its focus on the social aspect of payments, allowing friends to split payments easily and having incentives for sharing. The annual report highlights that customer have on average 38 friends that also use Monzo.

Monzo revealed that has had a 31% increase in customer over the last year, bringing its total customer base to 9.7m. Monzo claims that 46% of these new customers gained have come as a result of word of mouth, suggesting that a lot of the work Monzo has been doing is starting to pay off.

TS Anil, Monzo CEO, said: “I’ve never believed in the idea that a company has to choose between either being mission-oriented or focused on business outcomes. FY2024 proved Monzo is doing both. We’ve achieved scale, growth and profitability, and we have all the right components to seize the huge opportunity ahead.”