Monzo Achieves First Full-Year Profit, Eyes International Expansion

British neobank Monzo reports £15.4 million pre-tax profit, doubling revenue and planning growth into Europe and the US.

Monzo's annual report shows a pre-tax profit of £15.4 million, reversing a £116.3 million loss from the previous year.
Customer deposits grew by 88% to £11.2 billion, with total customers reaching 9.7 million.
The bank raised $610 million in capital, valuing the company at $5.2 billion.
Monzo plans to expand into Europe via Ireland and is setting up an office in Dublin.
The bank also aims to enhance its product offerings, including a new pensions product and expanded mortgage features.