UK digital banking pioneer Monzo reported its monetary outcomes for the 2023-24 fiscal 12 months at this time.
The numbers are spectacular. Complete income was £880 million for the 12 months, greater than 2x the £356 million from the earlier 12 months. Most significantly, the corporate reported its first full 12 months of profitability of £15.4 million (pre-tax). up from a lack of £116 million the earlier 12 months.
Monzo loaned £1.4 billion to prospects throughout the 12 months, a rise of 84%, whereas additionally rising credit score losses by 75%.
Deposits additionally grew to £11.2 billion, and the corporate introduced that it now has 9.7 million prospects, including 2.3 million throughout the 12 months.
Monzo additionally confirmed that it’s within the early levels of increasing into the European market, which is able to start with an workplace in Dublin, Eire.
All-in-all, this was a stable report for Monzo, exhibiting which you could develop income rapidly whereas additionally being worthwhile.
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> UK neobank Monzo experiences first full (pre-tax) revenue, prepares for EU enlargement with Dublin hub
Paul Sawers
Monzo has introduced its 2024 monetary outcomes, revealing its first full-year pre-tax revenue. The corporate additionally confirmed that it’s within the early levels of increasing into the broader European market through a brand new base in Eire.
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