{"id":25038,"date":"2024-06-03T09:30:05","date_gmt":"2024-06-03T09:30:05","guid":{"rendered":"http:\/\/107423145"},"modified":"2024-06-03T09:30:05","modified_gmt":"2024-06-03T09:30:05","slug":"digital-bank-monzo-posts-first-full-year-of-profit-after-more-than-doubling-revenue","status":"publish","type":"post","link":"https:\/\/wp.worldtechguide.net\/digital-bank-monzo-posts-first-full-year-of-profit-after-more-than-doubling-revenue\/","title":{"rendered":"Digital bank Monzo posts first full year of profit after more than doubling revenue"},"content":{"rendered":"<p><span class=\"HighlightShare-hidden\"><\/span><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-106382517\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>A Monzo debit card being used at a payment terminal.<\/p>\n<p>Monzo<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Monzo, the British digital challenger bank, on Monday reported its first full year of profitability.<\/p>\n<p>The fintech startup said in annual financial results that its pre-tax profits totaled \u00a315.4 million ($19.6 million) in its 2023-2024 fiscal year, swinging to the black from a \u00a3116.3 million loss the year prior.<\/p>\n<p>Monzo posted revenues of \u00a3880 million for the full year, up from \u00a3355.6 million in 2022.&nbsp;That&nbsp;marked a more than twofold increase.<\/p>\n<p>Monzo is one of Britain&#8217;s largest digital banks, competing with the likes of Starling and Revolut as well as established lenders such as <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><span class=\"waslinkname\">HSBC<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\"><span class=\"waslinkname\">Barclays<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>.<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107416727\">\n<div role=\"button\" id=\"Placeholder-ArticleBody-Video-107416727\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000340640\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/wp.worldtechguide.net\/wp-content\/uploads\/2024\/06\/digital-bank-monzo-posts-first-full-year-of-profit-after-more-than-doubling-revenue.jpg\" alt=\"How fintech start-up Hiive facilitates pre-IPO investing\"><span class=\"InlineVideo-videoButton\"><\/span><span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Last year, Monzo reported its first month of profit. That marked a major turnaround from 2020, when Monzo warned it faced doubts over its ability to continue &#8220;as a going concern&#8221; early into the Covid-19 pandemic.<\/p>\n<p>The company has seen significant growth in recent years. This year, it attained a $5.2 billion valuation. That came off the back on investments product in partnership with asset management giant BlackRock.<\/p>\n<\/div>\n<div data-test=\"WildCardEmbed\">\n<div class=\"WildcardEmbed-wrapper\"> div { box-sizing: border-box; } .noselect { -webkit-touch-callout: none; \/* iOS Safari *\/ -webkit-user-select: none; \/* Safari *\/ -khtml-user-select: none; \/* Konqueror HTML *\/ -moz-user-select: none; \/* Old versions of Firefox *\/ -ms-user-select: none; \/* Internet Explorer\/Edge *\/ user-select: none; \/* Non-prefixed version, currently supported by Chrome, Edge, Opera and Firefox *\/ } .DO-widget-wrapper { width: 100%; max-width: 620px; background-color: #fff; } .DO-logo-row { margin-bottom: 10px; } .DO-body { border-top: 2px #289dcf solid; border-bottom: 2px #289dcf solid; padding: 12px 0 12px 0; margin-bottom: 20px; } .DO-bodycopy .DO-button { font-family: Proxima Nova,Helvetica,Arial,sans-serif; } .DO-bodycopy {color: #424858; font-size: 18px; line-height: 31px; margin-bottom: 12px;} .DO-button { color: #fff; font-size: 16px; font-weight: 600; width: 120px; height: 30px; background-color: #0071bc; border-radius: 6px; text-transform: uppercase; padding: 4px; text-align: center; cursor: pointer; margin-bottom: 4px; text-decoration: none !important; } .DO-button:hover { background-color: #0a94e0; text-decoration: none !important; } @media  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A Monzo debit card being used at a payment terminal. Monzo Monzo, the British digital challenger bank, on Monday reported its first full year of profitability. The fintech startup said in annual financial results that its pre-tax profits totaled \u00a315.4 million ($19.6 million) in its 2023-2024 fiscal year, swinging to the black from a \u00a3116.3 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":25039,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"hashtags":[],"class_list":["post-25038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","has-thumb","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/25038"}],"collection":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/comments?post=25038"}],"version-history":[{"count":0,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/25038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media\/25039"}],"wp:attachment":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media?parent=25038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/categories?post=25038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/tags?post=25038"},{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/hashtags?post=25038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}