Monzo company profile: valuation, funding & revenue

This Monzo company profile covers the company's valuation, revenue, funding rounds, investors and history. Monzo works in fintech, with a focus on digital banking. It was founded in 2015 and is headquartered in London, England, United Kingdom. Its latest valuation on record is About US$5.9 billion (about £4.5 billion), secondary share sale (October 2024). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

£1.2 billion, up 48% — Annual revenue, year to 31 March 2025 (company-reported), as of FY2025. Source: Monzo annual report.

Funding history

Monzo timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2015 — Monzo is founded in London by Tom Blomfield and co-founders.
• Oct 2024 — Secondary share sale: Not disclosed, valuing the company at About US$5.9B (about £4.5B).
• FY2025 — Profit before tax: £60.5 million statutory; £113.9 million adjusted (excluding about £53m of costs from a staff share sale).
• FY2025 — Customers: More than 12 million (added 2.4 million in the year).
• FY2025 — Deposits: £16.6 billion, up 48%.
• FY2025 — Subscriptions: More than 1 million paying subscribers.

Investors

Overview

Monzo is a UK digital bank known for its bright coral debit cards and an app that made features like instant spending notifications, easy budgeting and simple bill splitting standard. It offers current accounts, savings, loans, overdrafts, credit through its own products, business accounts and paid subscription tiers, all through a mobile app with no branches.

Monzo was founded in London in 2015 by a team led by Tom Blomfield, who had previously co-founded another fintech. It started life as "Mondo" before renaming after a trademark dispute, and famously used crowdfunding campaigns that let thousands of customers become shareholders. Blomfield later left the company, and TS Anil, who joined from Visa, became CEO.

How Monzo makes money

Monzo's revenue has shifted significantly as it has matured:

• Lending: interest from loans, overdrafts and credit products.
• Interest on deposits: earnings on customer balances held with the Bank of England and invested, which rose sharply when interest rates went up.
• Transactions: interchange fees when customers spend on cards.
• Subscriptions: paid plans with extra features, which passed one million paying customers.
• Business banking: fees from business accounts.

In FY2025, Monzo said growth came from strong performance across lending, transactions and subscriptions.

Revenue and profit

As a UK bank, Monzo publishes annual reports. For the year to 31 March 2025:

• Revenue: £1.2 billion, up 48%, above £1 billion for the first time.
• Profit before tax: £60.5 million on a statutory basis, up from £13.9 million. Excluding about £53 million of expenses linked to a staff share sale, Monzo reported adjusted profit before tax of £113.9 million, roughly eight times the prior year.
• Customers: more than 12 million, after adding 2.4 million in the year; weekly active customers rose from 5.4 million to 6.9 million.
• Deposits: £16.6 billion, up 48%.

The gap between statutory and adjusted profit is worth understanding. Share-based payments, like the costs of letting staff sell shares, are real accounting expenses, but companies often exclude one-off items to show underlying performance. Look at both when comparing banks.

Valuation

Monzo's valuation has gone through a full cycle. It was valued highly in its early growth years, then raised at a sharply lower valuation in 2020 during the pandemic, when its business model was under pressure. Since becoming profitable, its value has risen again. The most recent marker in our sources is a secondary share sale in October 2024 that valued the business at about US$5.9 billion, or about £4.5 billion. Reports of possible IPO valuations in a higher range are speculation, so we don't treat them as a valuation. Our guide on down rounds covers what Monzo's 2020 experience means for shareholders.

Competitive landscape

Monzo competes with the UK's large high-street banks, other digital banks such as Starling and Revolut, and specialist savings and lending providers. Its strengths are a large, engaged customer base, a strong brand among younger customers and a growing share of people using it as their main account, which is where the most revenue comes from. Its challenges are competing with banks' improving apps and with Revolut's international scale, and managing regulatory expectations as it grows.

Expansion and IPO

Monzo has expanded beyond the UK, including efforts in the US and Europe. It's widely seen as an IPO candidate, with London and New York discussed as possible venues in press reports, although no listing had been confirmed in the sources we used.

What to watch next

Watch the next annual results, growth in lending and subscription revenue, progress outside the UK, regulatory developments, and any IPO announcement. How profitably Monzo can keep growing as interest rates fall, which reduces income on deposits, will be a key test.

Key facts at a glance

Monzo is a London digital bank founded in 2015 by a team led by Tom Blomfield, now led by CEO TS Anil. In the year to March 2025 it reported revenue of £1.2 billion (up 48%), statutory profit before tax of £60.5 million and adjusted profit of £113.9 million, more than 12 million customers and £16.6 billion in deposits. An October 2024 secondary sale valued it at about US$5.9 billion.

What drove Monzo's turnaround

In 2020, Monzo was losing money heavily, raised funds at a much lower valuation than before, and warned about its ability to continue as a going concern in its accounts. A few changes turned it around. First, it built its lending business, which generates more revenue per customer than card spending. Second, rising interest rates from 2022 increased the income it earned on customer deposits. Third, it grew paid subscriptions and business accounts, adding revenue that doesn't depend on interest rates. Fourth, customers increasingly used Monzo as their main account, receiving salaries into it, which brings higher balances and more activity. Together these made each customer far more valuable than in its early, card-spending-focused years.

The lesson for fintech founders is that a popular product isn't the same as a profitable business. Monzo had millions of enthusiastic users before it found a way to make money from them reliably.

Questions to ask before switching your main bank account

• Is the bank fully licensed in your country, and how are deposits protected?
• What are the savings rates, overdraft costs and loan rates compared with your current bank?
• Can you pay in cash or cheques if you need to?
• How good is customer support when something goes wrong?

Many people start by moving a portion of their spending or savings and switch their salary only once they are comfortable with the app and its support. That gradual approach lowers the risk of disruption if something goes wrong.

Take your time with the move; there is no rush.

What this means if you're…

A customer: compare savings rates, overdraft and loan pricing, and subscription benefits with your other options. Deposits with UK-licensed banks are protected by the Financial Services Compensation Scheme up to its limit.

A fintech founder: Monzo's path, from heavy losses and a down round to profitability, shows that turnaround is possible when unit economics improve.

An analyst: compare statutory and adjusted figures carefully, and look at deposits and active customers alongside revenue.

Latest developments (October 2026)

Monzo has gone through leadership change in 2026: former chief executive TS Anil stepped down after reported disagreements with the board over IPO timing, and Diana Layfield became CEO. Monzo exited the US in April 2026, obtained a European banking licence through Ireland, and has been advised by Morgan Stanley on a potential IPO, according to FinTech Weekly. In October 2026, Payment Expert reported that Monzo was seeking new capital after talks with Nubank ended, according to Payment Expert. See our digital banks guide.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. CMC Markets
2. Monzo annual report
3. FinTech Global
4. Crowdfund Insider