Digital bank Monzo posts first full year of profit after more than doubling revenue

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A Monzo debit card being used at a payment terminal. 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 £15.4 million ($19.6 million) in its 2023-2024 fiscal year, swinging to the black from a £116.3 million loss the year prior. That marked a more than twofold increase. Monzo is one of Britains largest digital banks, competing with the likes of Starling and Revolut as well as established lenders such as HSBC and Barclays .

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