Monzo is a British digital bank founded in London in 2015. In the year to March 2026 it reported revenue of ~$2.24 billion (£1.7 billion), statutory pre-tax profit of ~$115 million (£87.3 million), 15.2 million customers and ~$33.9 billion (£25.7 billion) of deposits. It is privately owned and led by CEO Diana Layfield.
What does Monzo do?
Monzo offers app-only banking: a free personal current account with the hot coral debit card, savings pots, personal loans, overdrafts, Monzo Flex instalment credit, paid Extra, Perks and Max plans, investments and pensions, and Monzo Business accounts for sole traders and small companies. It holds a full UK banking licence, so eligible deposits are protected by the FSCS.
How does Monzo make money?
- Net interest income on deposits held with the Bank of England and on loans, overdrafts and Flex balances.
- Subscriptions for personal and business paid plans.
- Interchange and fees from card spending, partner products and investment platforms.
Monzo financials
| Fiscal year (to March) | Revenue | Pre-tax profit |
|---|---|---|
| FY2023 | ~$469M (£355.6M) | Loss |
| FY2024 | ~$1.16B (£880M) | ~$20.3M (£15.4M) |
| FY2025 | ~$1.58B (£1.2B) | ~$79.9M (£60.5M) |
| FY2026 | ~$2.24B (£1.7B) | ~$115M (£87.3M) (adjusted ~$228M (£172.6M)) |
Monzo added 3 million customers in FY2026, its largest intake, and 79% of new customers came by word of mouth. Operating expenses rose more than a third to ~$1.22 billion (£925.5 million) as headcount grew to about 5,275.
Origins
Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman started Mondo in 2015 with prepaid cards. In 2016 customers invested ~$1.32 million (£1 million) on Crowdcube in 96 seconds, and the company renamed itself Monzo after a trademark dispute. It received a full banking licence in April 2017.
From losses to profit
In 2020, with pandemic lockdowns cutting card spending, Monzo raised money at a valuation about 40% lower than its previous round, and TS Anil replaced Blomfield as CEO. Paid plans, lending and business accounts, plus higher interest rates from 2022, produced its first annual profit in FY2024.
Leadership and strategy in 2026
Diana Layfield, formerly of Google and Standard Chartered, became Group CEO in February 2026. In April Monzo decided to leave the US, where it had struggled to grow, and focus on the UK and Europe, starting with Ireland under its EU banking licence. In July 2025 the FCA fined Monzo ~$27.9 million (£21.1 million) over financial crime controls.
Who owns Monzo?
Monzo is private. Investors include Accel, Iconiq, CapitalG, Tencent and Passion Capital, alongside employees and crowdfunding shareholders. An October 2024 secondary sale valued it at ~$5.94 billion (£4.5 billion). In September 2026 Sky News reported talks with Nubank at ~$10.6 billion (£8 billion) to ~$13.2 billion (£10 billion); Nu Holdings later said it was not pursuing a deal.
Competitors
Monzo competes with Revolut and Starling Bank among digital banks and with Lloyds, Barclays, NatWest and HSBC among incumbents, as well as Wise for transfers and Klarna for pay-later credit.
