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Monzohas harbinger its2024financial results , unwrap its first full - yr pre - tax profit . The company also confirmed that it ’s in the early stage of expanding into the broader European market via a new root word in Ireland .
The news come shortly after the U.K.-based neobank raise a yoke of healthy tranche of funding , start with$430 million(£340 million ) in March followed by another$190 million last monthat a $ 5.2 billion valuation . A substantial chunk of this financing is intended to spearhead its expanding upon in the U.S. market , which ithas been trying to crack for some long time . Last October , the society appointeda new CEOfor its U.S. process , poaching read/write head of global product for Block ’s Cash App , Conor Walsh , to lead stateside .
However , we now make love that Monzo is finally planning to push into market nigher to home , too , as the troupe eyes a “ new gateway ” in Ireland — this will mean a new situation in Dublin , though it has n’t put a timescale on this plan .
Growth
Monzo first hit profitability in the first two months oflast yr , a milestone ride by itslending productand the U.K.’shigh interest pace . This trend continued for the remainder of the financial year , with the company now cover a pre - tax profit of £ 15.4 million — thiscomparesto a full - year £ 119 million loss for 2022 and a £ 116 million personnel casualty for 2023 . Monzo also reported that its receipts rose 250 % to £ 880 million last twelvemonth .
In the report , Monzo ’s board hot seat Gary Hoffman acknowledges that an anticipated interest rate drop could impact its performance for the coming 12 months , manoeuver to “ external precariousness ” that may “ make excitableness ” for the banking sector on the whole .
“ The U.K. has just come forth from a expert ceding back , economic ontogeny has slowed significantly and growth in the U.K. economy is expected to stay tedious even as interest rates take off to gradually come in down , ” Hoffman notes . “ While these risk of exposure could impact our performance and plans , I believe that we are strongly positioned to not just withstand these potential headwinds , but really go on to fly high in the face of them . ”
On the whole , it ’s been fairly positive news for neobanks of late , with Monzo ’s U.K. rivalRevolut last year postingits first full yr of profitability . Brazil ’s Nubank has also been on a teardrop , with its rating zoom to an all - fourth dimension senior high school of $ 58 billion this twelvemonth — this followed a swing from a $ 9 million net loss in 2022to a $ 1 billion net net income last year .
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Monzo , for its part , has also encounter its client infrastructure ascent by more than 2.3 million to 9.7 million , which let in 400,000 business enterprise customers . The fellowship say that it expects to grow its client count to 11 million in the coming year .
