Monzo has recorded its first year of annual profitability since the group’s launch in 2015.

The digital bank posted a £15.4m profit before tax figure for the year to the end of March, up from an annual net loss of £116.3m last year.

In its 2024 financial year, Monzo has seen its revenue more than double to £880.0m, from £355.6m last year, boosted by deposits with the digital bank climbing to £11.2bn, up from £6.0bn.

The digital bank has also raised £500m in fresh capital in the latest financial year, which included the £340m funding round led by CapitalG, a growth fund owned by global technology giant and the owner of Google, Alphabet.

“We're on a mission to change people’s relationship with money,” Monzo CEO, TS Anil, said. “We’ve built a business model that’s designed entirely around customers, and our success proves that it works.

“I’ve never believed in the idea that a company has to choose between either being mission-oriented or focused on business outcomes. FY2024 proved Monzo is doing both. We’ve achieved scale, growth and profitability, and we have all the right components to seize the huge opportunity ahead.”

---