British neobank Monzo announces its first total profit (before tax) and prepares for its expansion into the EU with its Dublin hub

Monzo has announced its financial results for 2024, revealing its first full-year pre-tax profit. The company also confirmed that it is in the early stages of expanding into the wider European market via a new base in Ireland.

The news comes shortly after the UK-based neobank raised a few significant rounds of funding, starting with $430m (£340m) in March, followed by another $190m last month for a valuation of $5.2 billion. A significant part of this financing is intended to accelerate its expansion in the American market which it has been trying to conquer for several years. Last October, the company named a new CEO for its US operations, naming Conor Walsh, head of global products for Block’s Cash app, to lead the US.

However, we now know that Monzo is finally considering moving into markets closer to home, as the company eyes a “new front door” into Ireland – that will mean a new office in Dublin, although it doesn’t has not set a timetable. This plan.


Monzo first reached profitability last March, a milestone achieved thanks to its lending product and the UK’s high interest rates. This trend continued for the remainder of the financial year, with the company now reporting a pre-tax profit of £15.4m, compared to a loss of £119m for the full year 2022 and a loss of £116 million for 2023. Monzo also reported that its revenues increased by 250% to £880 million last year.

In the report, Monzo chairman Gary Hoffman acknowledges that an anticipated drop in interest rates could impact its performance for the next 12 months, pointing to “external uncertainties” that could ” creating volatility” for the banking sector as a whole.

“The UK has only just emerged from a technical recession, economic growth has slowed significantly and growth in the UK economy is expected to remain slow even as interest rates begin to gradually fall,” notes Hoffman. “While these risks could impact our performance and plans, I believe we are strongly positioned to not only withstand these potential headwinds, but to continue to thrive in the face of them. »

Overall, the news has been pretty positive for neobanks lately, with Monzo’s UK rival Revolut recording its first full year of profitability last year. Brazil’s Nubank is also struggling, with its valuation hitting an all-time high of $58 billion this year – this follows a move from a net loss of $9 million in 2022 to a net profit of $1 billion dollars last year.

Monzo, for its part, also saw its customer base increase by more than 2.3 million to 9.7 million, including 400,000 business customers. The company said it plans to increase its customer base to 11 million in the coming year.


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