Monzo vs Nubank: Revenue, Profit and Business Model
Monzo had ~$2.2B of annual revenue in FY2026 and ~$115.2M of net income. Nubank had $15.8B of annual revenue in FY2025 and $2.9B of net income.
Latest financial snapshot
Financial summary
Monzo
Monzo spent its first years losing money while it grew a free account base. After a 2020 down-round, it added paid subscriptions, lending and business plans, and higher interest rates in 2022 and 2023 lifted income on its deposit base. It posted its first annual profit in FY2024 (~$20.3 million (£15.4 million) pre-tax on ~$1.16 billion (£880 million) revenue), then ~$79.9 million (£60.5 million) on about $1.58 billion (£1.2 billion) in FY2025. In FY2026 revenue rose 39% to ~$2.24 billion (£1.7 billion), gross profit passed ~$1.32 billion (£1 billion) for the first time, statutory pre-tax profit reached ~$115 million (£87.3 million) and adjusted pre-tax profit ~$228 million (£172.6 million). Operating expenses grew more than a third to ~$1.22 billion (£925.5 million) as it invested in staff and expansion. Monzo Bank Ltd is a dominant and rapidly expanding British digital challenger bank, commanding a private market valuation of approximately $5 billion.
Nubank
Nubank turned its first annual profit in 2023 ($1.03 billion on $8.03 billion revenue) and has scaled fast since. Under IFRS it reported FY2024 revenue of $11.52 billion and net income of $1.97 billion, then FY2025 revenue of $15.77 billion and net income of $2.87 billion. Using its newer managerial P&L, it reported Q4 2025 revenue of $4.9 billion and net income of $895 million with a 33% ROE. In Q2 2026, gross revenue rose 39% to $5.88 billion and net income reached $1.061 billion, up 49% FX-neutral, with a record 33% return on equity. Nubank (Nu Holdings Ltd.) is the absolute largest digital neobank in the world outside of Asia, commanding a massive market valuation generally exceeding $50 billion.
Revenue and profit by year
Monzo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$2.2B | ~$115.2M | 5.1% | +41.7% | Source |
| FY2025 | ~$1.6B | ~$79.9M | 5.0% | +36.4% | Source |
| FY2024 | ~$1.2B | ~$20.3M | 1.8% | +147.5% | Source |
| FY2023 | ~$469.4M | — | — | — | Source |
Nubank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $15.8B | $2.9B | 18.2% | +37.0% | Source |
| FY2024 | $11.5B | $2B | 17.1% | +43.4% | Source |
| FY2023 | $8B | $1B | 12.8% | +67.5% | Source |
| FY2022 | $4.8B | -$364.6M | -7.6% | +182.2% | Source |
| FY2021 | $1.7B | -$165M | -9.7% | +130.4% | Source |
| FY2020 | $737.1M | -$171.5M | -23.3% | +20.4% | Source |
| FY2019 | $612.1M | -$92.5M | -15.1% | — | Source |
Where the revenue comes from
Monzo
- Net interest income
Not disclosed
Interest on deposits held with the Bank of England and on personal loans, overdrafts and Monzo Flex balances.
- Subscriptions
Not disclosed
Monthly fees for Monzo Extra, Perks and Max and paid Monzo Business plans.
- Interchange and other fees
Not disclosed
Card interchange, partner commissions and investment and pension platform fees.
Nubank
- Interest And Financial IncomeMajor
Interest and gains from credit cards, loans, securities, and other financial instruments.
- Fee And Commission IncomeMaterial
Interchange, payment, account, insurance, investment, and marketplace-related fees.
- Deposit SpreadMaterial
Funding and yield economics from Nubank's large deposit base.
- Cross-Sell ProductsGrowth
Insurance, investments, secured lending, payroll lending, merchant products, and new geographies.
Business model and strategy
Monzo
How it makes money
Monzo makes money in four main ways. First, net interest income: it earns interest on customer deposits placed with the Bank of England and on its loan book of personal loans, overdrafts and Monzo Flex credit. Second, subscriptions: customers pay monthly for Monzo Extra, Perks and Max plans, which bundle perks such as insurance and higher savings rates.
Growth strategy
Monzo's growth strategy has three parts: get more UK customers to make Monzo their main account, sell them more products (loans, Flex, savings, investments, pensions and paid plans), and expand into Europe using its EU banking licence, starting with Ireland. In April 2026 it chose to exit the US, saying it would focus on its home market and Europe; about 50 roles were affected.
Competitive advantage
Monzo's edge is a combination of brand, scale and low-cost growth. It reports that 79% of new customers arrive by word of mouth, it holds a full UK banking licence that lets it fund lending with cheap deposits, and it runs on its own cloud-based core banking system rather than legacy mainframes, which lets it ship features quickly.
Nubank
How it makes money
Nubank earns revenue mainly from interest on credit card balances, personal loans, payroll and secured loans, and from yield on the securities it buys with customer deposits. Fee and commission income adds interchange on card spending, late fees, and commissions from insurance, investments and marketplace sales.
Growth strategy
Nubank is growing by deepening products for existing customers (secured and payroll loans, investments, insurance, small-business banking), scaling Mexico after its 2026 bank launch and Colombia, and entering the US through a sponsor bank while its national bank charter is finalized.
Competitive advantage
Nubank's edge is cost and scale. It runs without branches, reported a cost to serve below $1 per active customer per month and a record efficiency ratio of 19.9% in Q4 2025, and gains most new customers through referrals. Transaction and deposit data from more than 130 million customers feed its underwriting models, and that data advantage grows as more Brazilians use Nubank as their primary account.
Questions about Monzo vs Nubank
Which company has higher revenue — Monzo Bank Limited or Nu Holdings Ltd.?
Monzo Bank Limited had ~$2.2B (FY2026), while Nu Holdings Ltd. had $15.8B (FY2025). By latest annual revenue, Nu Holdings Ltd. is the larger business, with Monzo Bank Limited showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Monzo Bank Limited vs Nu Holdings Ltd.?
Nu Holdings Ltd. has a market capitalisation of $66.3B. A public market cap figure for Monzo Bank Limited was not available (it may be privately held).
How does revenue per employee compare for Monzo Bank Limited and Nu Holdings Ltd.?
Monzo Bank Limited has $425k / employee in revenue per employee, while Nu Holdings Ltd. has $1.57M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Monzo Bank Limited and Nu Holdings Ltd. make money?
Monzo Bank Limited and Nu Holdings Ltd. generate revenue in fundamentally different ways. Monzo Bank Limited: Monzo makes money in four main ways. Nu Holdings Ltd.: Nubank earns revenue mainly from interest on credit card balances, personal loans, payroll and secured loans, and from yield on the securities it buys with customer deposits.
Is Monzo Bank Limited bigger than Nu Holdings Ltd.?
By last reported revenue, Nu Holdings Ltd. ($15.8B (FY2025)) is the larger company compared to Monzo Bank Limited (~$2.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Monzo vs Nubank overview