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Monzo records first full year of profitability as it eyes international expansion

Monzo Announces First Full Year of Profitability:

  • Financial Performance:
    • Reported a pre-tax profit of £15.4 million for FY ending 31 March 2024.
    • Significant turnaround from a £116.3 million loss in FY2023.
    • Gross revenues increased by 2.5x to £880 million.
  • Revenue Growth Drivers:
    • Introduction of new products and services:
      • Call Status fraud prevention tool.
      • Cashback rewards.
      • Monzo Investments.
      • Instant access savings account.
  • Customer and Deposit Growth:
    • Customer deposits surged by 88% to £11.2 billion.
    • Expanded customer base by 2.3 million, including 200,000 new business clients.
  • Funding and Valuation:
    • Raised $430 million in March, led by CapitalG (Alphabet’s independent growth fund).
    • Supplemented by an additional $190 million last month.
    • Post-money valuation now exceeds $5.2 billion.
  • Future Aspirations:
    • Plans to expand presence in the US and Europe.
    • Ireland is considered a “gateway” into Europe, with plans to establish a Dublin office.
    • Hired Conor Walsh as US CEO to drive US expansion plans.
    • Upcoming product launches, including expanded mortgage offerings and a new pensions product.

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