Pre-tax profits surged in Monzo’s latest annual results as the London challenger bank reported major growth in its business-facing offerings.
The group reported profit of £113.9m for the year, up more than eight times from the previous year’s £13.9m.
Growth has come fast in the past 12 months for the fintech, which in April surpassed 12 million customers.
The bank, which has been a popular choice for consumers in the UK for some time, has been looking to diversify its customer base to become a more holistic financial app.
Over the period it launched a product for under-16s that in its first week saw a waitlist of 180,000 people. It also unveiled Monzo Pension alongside expanding its list of premium subscription tiers.
Perhaps the biggest success over the period has been in the growth of its business offering. The bank’s corporate customer base grew by 49%, reaching 625,000, with Monzo Business now accounting for 12% of total revenue.
“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,” said group chief executive TS Anil.
“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.”
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