Monzo’s profit soars 8x to £113.9m as customer base hits 12m

June 2, 2025

Monzo has reported a dramatic leap in profitability, with adjusted pre-tax profits reaching £113.9m for the financial year ending 31 March 2025—an eightfold increase from the previous year.

This surge came on the back of a record-breaking year for customer growth, product innovation and stronger engagement across its personal and business banking lines.

The UK digital bank attracted 2.4m new customers during the year, bringing its total customer base to more than 12m. Notably, over two-thirds of those new sign-ups came via word-of-mouth referrals, demonstrating strong organic brand loyalty. In April 2025 alone, Monzo saw its biggest month ever for customer acquisition, with over 300,000 new users joining.

Revenues climbed 48% to hit £1.2bn, driven by strong performance across lending, transactions, and subscription services. Customer deposits also rose by 48%, reaching £16.6bn, while average revenues per user increased by 16% for business accounts and 15% for personal users. Weekly active users climbed by 28%, underscoring the growing depth of customer engagement.

The company introduced several new offerings to strengthen its position as a one-stop financial app. Among them was Monzo Pension, a suite of paid subscription tiers—Perks, Extra and Max—which together attracted nearly 900,000 paying personal customers. Monzo Business also expanded rapidly, bolstered by the launch of Monzo Team, a product tailored for larger SMEs. The business banking segment now accounts for 12% of Monzo’s revenue and serves 625,000 customers—a 49% year-on-year increase.

New savings features also proved popular. The 1p Saving Challenge drew over 1m participants who collectively saved around £30m. Meanwhile, Monzo’s Instant Access Savings product paid out £250m in interest to 2.3m users last year.

Security innovations were also at the forefront. The bank rolled out new tools like Known Locations and Trusted Contacts, and its AI-powered fraud detection system helped prevent nearly three times more unauthorised fraud than the year before. Additionally, Monzo introduced “Stand-In”, a back-up infrastructure to maintain service continuity during rare outages.

These efforts appear to be resonating with customers. Monzo maintained a Net Promoter Score (NPS) of +70—well above the UK banking average of 30. According to YouGov’s Brand Index, the digital bank continues to outperform its peers on metrics like satisfaction and recommendation.

The momentum has continued into FY2026. In addition to the spike in customer acquisition in April, Monzo introduced two new offerings: Contents Insurance and Undo Payments—another tool aimed at giving users greater control over their finances.

Internationally, Monzo is expanding its presence. The bank is advancing its product roadmap in the US and has established an EU base with a growing team in Ireland. Domestically, it plans to roll out further enhancements across its personal and business account features.

Monzo group CEO TS Anil said, “Another year of raising the bar and driving scale, growth and profitability! 2.4 million customers chose Monzo, we launched more products than ever, increased customer engagement – and saw record growth for Monzo Business. By bringing the best of technology and banking together and remaining customer-obsessed, we’re seeing accelerating growth and momentum and unprecedented customer love – with Monzo recently named Best British Bank. And the best part? We’re still just getting started.”