---
title: "Monzo Statistics 2026: Customers, Profit and Deposits"
date: 2026-05-08
author: "Barry Elad"
featured_image: "https://coinlaw.io/wp-content/uploads/2026/05/monzo-statistics.jpg"
categories:
  - name: "Fintech"
    url: "/fintech.md"
tags:
  - name: "Statistics"
    url: "/tag/statistics.md"
---

# Monzo Statistics 2026: Customers, Profit and Deposits

Monzo Bank reported revenues that surpassed £1 billion for the first time, a 48% increase, alongside profits that increased 8x to £113.9 million in FY2025. The London-based digital bank now serves more than 13 million customers, with 12.5 million personal customers (1 in 5 UK adults) and over 700,000 business customers, according to Monzo. The data below pulls from Monzo’s annual reports at Companies House.

Monzo’s profitability arc against [Revolut](https://coinlaw.io/revolut-statistics/) and Starling, and the asymmetry between UK growth and the recent US exit.

## Key Takeaways

- Monzo welcomed **2.4 million** new personal and business customers in FY2025, with more than two-thirds joining via word of mouth.
- Customer deposits at Monzo grew by **48%** to **£16.6 **billion**** in FY2025, while total assets reached **£18.3 **billion****.
- Net interest income at Monzo increased almost fivefold (**382%**) to **£164.2 **million****, driven by customers’ increased use of overdrafts, unsecured personal loans and Monzo Flex.
- Monzo’s business banking segment serves **625,000** customers as of FY2025, a **49%** year-on-year increase, and accounts for **12%** of revenue.
- Weekly active users at Monzo reached **6.9 million** in FY2025, up **28%** from 5.4 million in FY24.
- Card spend through Monzo accounts reached **£47.8 billion** in FY2024, up **42%** year-on-year from £33.6 billion in FY23.
- Monzo paid more than **£250 **million**** in interest to Instant Access Savings customers, who grew to **2.3 million**.

## Editor’s Choice

- Adjusted profit before tax at Monzo reached **£113.9 million** in FY2025.
- Customer deposits at Monzo stood at **£16.6 **billion**** at the end of FY2025.
- Total Monzo customer base surpassed **13 million** by mid-2025.
- Monzo’s loan book reached **£1.9 billion** in FY2025, up **36%** year-on-year.
- Monzo’s valuation rose to **$5.9 billion** by an October 2024 secondary sale.
- Monzo customers spent **£55.2 billion** through Monzo accounts in calendar year 2024, a **15.2%** increase on 2023.
- Monzo’s FY2024 revenue reached **£880.0 million**, a **2.5x** increase from **£355.6 million** in FY23.

## Recent Developments

- **April 2026**: Monzo announced it is withdrawing from the US, ceasing onboarding of new US customers, with existing US accounts able to continue until June 2026 and approximately **50 employees** affected.
- **13 February 2026**: Monzo Bank Limited filed a director appointment for Diana Louise Patricia Layfield with Companies House.
- **17 December 2025**: Monzo obtained a European banking licence from the European Central Bank and the Central Bank of Ireland, three months before the US exit was announced.
- **11 November 2025**: Monzo Bank Limited filed a confirmation statement with Companies House.
- **16 October 2025**: Monzo appointed Karen Alexandra Smith Peacock and Spencer George Lake as directors.
- **1 September 2025**: Monzo Bank Limited filed full annual accounts for the period ending 31 March 2025 (212 pages) at Companies House.

## Total Monzo Customer Count

- Monzo welcomed **2.4 million** new personal and business customers in FY2025.
- Monzo serves **12.5 million** personal customers, equivalent to **1 in 5 UK adults**.
- More than **700,000** business customers, or **1 in 8 UK businesses**, hold accounts with Monzo.
- Personal customers stood at **9.3+ million** in FY2024, up from **7.4 million** in FY23.
- Business customers grew to **400,000+** in FY2024, up from **200k** in FY23.
- Two-thirds of new sign-ups come from word-of-mouth recommendations.

PeriodPersonal CustomersBusiness CustomersTotalFY2023 (Mar 2023)7.4 million200,000~7.6 millionFY2024 (Mar 2024)9.3+ million400,000+~9.7 millionFY2025 (Mar 2025)~11.5 million~625,000~12.1 millionMid-202512.5 million700,000+13+ million*Source: Monzo Annual Reports FY2024 and FY2025, PYMNTS coverage of Monzo’s June 2025 announcement*

## Monzo Customer Deposits and Total Assets

- Customer deposits at Monzo grew by **48%** to **£16.6 **billion**** in FY2025.
- Total assets at Monzo reached **£18.3 **billion**** in FY2025, up **41%** from **£13.0 billion** in FY24.
- Customer deposits at Monzo were **£11.2 billion** in FY2024, up **88%** from **£6.0 **billion**** in FY23.
- Instant Access Savings customers at Monzo grew to **2.3 million** in FY2025, up from **1.3+ million** in FY2024.
- Monzo paid more than **£250 million** in interest to its savings customers in FY2025.

Year (Fiscal)Customer DepositsTotal AssetsSavings CustomersFY2023£6.0 billionn/dn/dFY2024£11.2 billion£13.0 billion1.3+ millionFY2025£16.6 billion£18.3 billion2.3 million*Source: Monzo Annual Reports FY2024 and FY2025*

## Monzo Annual Revenue Trajectory

- Monzo’s revenue surpassed **£1 billion** for the first time in FY2025, a **48%** increase.
- Monzo’s FY2024 revenue reached **£880.0 million, up from £355.6 million** in FY23, a **2.5x** increase year-over-year.
- The business banking segment accounts for **12%** of Monzo’s revenue.
- Lending now contributes approximately **30%** of Monzo’s total revenue.

> **By the numbers:** Monzo’s revenue scaled from £355.6 million in FY2023 to £880.0 million in FY2024 to over £1.2 billion in FY2025, per Monzo’s Annual Report. Revenue more than tripled in two years while the company crossed from operating loss to material adjusted pre-tax profit.

![Monzo Revenue Growth](https://coinlaw.io/wp-content/uploads/2026/05/monzo-revenue-growth.jpg "Monzo Revenue Growth")

## Monzo Profit Before Tax: From Loss to £113.9 Million

- Monzo reported its first full year of profitability in FY2024, with profit before tax of **£15.4 million**.
- Adjusted profit before tax at Monzo reached **£113.9 million** in FY2025, an **8x** increase.
- Monzo’s adjusted pre-tax profits rose eightfold to £113.9 million in FY2025.
- Monzo’s credit losses declined **10%** in FY2025 despite loan book growth, demonstrating improved underwriting precision.

The 8x profit jump is operating leverage at work: higher UK base rates fed the net interest margin while the loan book scaled past £1.9 billion. The gap between FY2024’s £15.4m PBT and FY2025’s £113.9m is not a step-change in customer count alone.

Fiscal YearProfit Before TaxNoteFY2023LossPre-profitabilityFY2024£15.4 millionFirst full profitable yearFY2025£113.9 million (adjusted)8x increase*Source: Monzo Annual Reports FY2024 and FY2025*

## Monzo Card Transaction Volume

- Card spend through Monzo accounts reached **£47.8 billion** in FY2024.
- Card spend at Monzo was **£33.6 billion** in FY23 and **£24.0 billion** in FY22.
- Monzo customers spent **£55.2 billion** through Monzo accounts in calendar year 2024, a **15.2%** increase on 2023.
- Bill splits on Monzo reached **8.8 million** in FY2025; payment requests reached **10.1 million**.

Card spend grew faster than customer counts across FY22-FY24, meaning average spend per active account climbed before the headline customer milestones. Compare against the broader card rails covered in [Visa network statistics](https://coinlaw.io/visa-statistics/).

![Monzo Card Spending Growth](https://coinlaw.io/wp-content/uploads/2026/05/monzo-card-spending-growth.jpg "Monzo Card Spending Growth")

## Monzo Lending Book and Monzo Flex

- Monzo’s loan book reached **£1.9 billion** in FY2025, up **36%** from the previous year.
- Monzo Flex accounts for over a fifth of Monzo’s overall loan book, at **£169.3m**, up from 10% of the loan book a year earlier.
- Lending products at Monzo include personal loans, arranged overdrafts, and Monzo Flex buy-now-pay-later.
- Monzo’s credit losses declined **10%** in FY2025 despite loan book growth.

Lending ProductApproximate ShareNotesOverdraftsLargest shareArranged overdraftsPersonal LoansMid-sizeUnsecuredMonzo Flex (BNPL)Over 20%£169.3m balanceTotal Loan Book£1.9 billion+36% YoY*Source: FinTech Global coverage of Monzo FY2025 Annual Report, Monzo Annual Report 2025*

## Monzo Net Interest Income Surge

- Net interest income at Monzo increased almost fivefold, up **382%**, to **£164.2m**.
- The net interest income surge was driven by customers’ increased use of overdrafts, unsecured [personal loans](https://coinlaw.io/personal-loan-industry-statistics/) and Monzo Flex.
- Lending now contributes approximately **30%** of total revenue at Monzo.

> **Why it matters:** Monzo’s net interest income jumped 382% to £164.2m in the period covered, per the bank’s annual report. That single line is the largest source of the FY2025 profit jump because every additional pound of loan book paired with elevated UK base rates compounded the margin spread.

A 382% net interest income jump in one fiscal cycle is unusual. Two inputs compounded: a higher UK Bank Rate widened the deposit-loan spread, and the loan book scaled fast enough to capture it.

## Monzo Weekly Active Users and Engagement

- Weekly active users at Monzo reached **6.9 million** in FY2025, up **28%** from **5.4 million** in FY24.
- Monzo’s Net Promoter Score remained at **70**, against an industry average of around **30**.
- Subscription customers on Monzo Plus or Monzo Premium exceeded **1 million**, with subscription income up **50%** in FY2025.
- Monzo customers claimed **1.7 million** Greggs Treats during FY2025, including **831,000** sausage rolls.
- Cashback paid to Monzo customers reached **£5.45m** across **187** merchant offers.

![Monzo User Engagement Metrics](https://coinlaw.io/wp-content/uploads/2026/05/monzo-user-engagement-metrics.jpg "Monzo User Engagement Metrics")

## Monzo Business Banking Statistics

- Monzo’s business banking segment serves **625,000** customers as of FY2025, a **49%** year-on-year increase.
- Business banking accounts for **12%** of Monzo’s revenue.
- Over **700,000** business customers, equivalent to **1 in 8 UK businesses**, hold accounts with Monzo.
- Monzo’s business customer base reached **400,000+** in FY2024, doubling from **200k** in FY23.

![Monzo Business Customer Growth](https://coinlaw.io/wp-content/uploads/2026/05/monzo-business-customer-growth.jpg "Monzo Business Customer Growth")

## Monzo Headcount and Hiring

- Monzo’s employee count reached **3,700+** at the end of FY2024.
- Monzo expects to lay off approximately **50 employees** as part of the US exit.
- Monzo Bank Limited filed full annual accounts (**212 pages**) for the period ending 31 March 2025 with Companies House.

The 212-page FY2025 accounts filing is the company’s most detailed public disclosure since the banking licence was granted in 2017.

## Monzo Funding Rounds and Valuation History

- Monzo raised **$430 million** in a funding round led by CapitalG, Google’s growth fund, with a post-money valuation exceeding **$5 billion** in March 2024.
- Monzo’s valuation rose to **$5.2 billion** as of May 8, 2024, after Hedosophia made its first investment in the Series I round.
- By an October 2024 secondary sale, Monzo’s valuation reached **$5.9 billion**, with participation from existing investors GIC and StepStone Group.
- Monzo raised **£500 million** in capital during its Series I funding round in FY2024.

Round / EventDateValuationLead / Notable InvestorSeries I (initial close)March 2024$5.0 billionCapitalG (Google)Series I (Hedosophia close)May 2024$5.2 billionHedosophiaSecondary SaleOctober 2024$5.9 billionGIC, StepStone Group*Source: TechCrunch, Monzo Annual Report FY2024*

## Monzo US Expansion: From Launch to Exit

- Monzo announced in **April 2026** that it is withdrawing from the US, describing the decision as a deliberate strategic shift to focus on its home market and European expansion.
- The company will cease onboarding new US customers, with existing US customers able to continue using their accounts until **June 2026**.
- Monzo expects to lay off approximately **50 employees** as part of the US exit.
- Monzo obtained a European banking licence from the European Central Bank and the Central Bank of Ireland on **17 December 2025**, three months before the US exit was announced.

> **Key finding:** Monzo’s US exit, announced in April 2026 per FinTech Futures, came three months after the bank obtained its European Central Bank licence on 17 December 2025. The sequence reframes the move as a portfolio reallocation rather than a defeat. Monzo redirected capital and headcount budget toward a market where its UK product fits the regulatory wrapper.

**The asymmetry is stark:** Roughly eight years to reach 13 million UK customers versus a US exit after only four years. The headcount-per-market ratio (about 50 US-impacted employees versus a 3,700-strong UK workforce) reveals what raw customer counts hide.

PhasePeriodNotesUS Launch2022Partner-bank model (no US charter)EU Licence Granted17 December 2025ECB + Central Bank of IrelandUS Exit AnnouncedApril 2026~50 employees affectedUS Accounts CloseJune 2026Existing customers offboarded*Source: FinTech Futures coverage of Monzo’s April 2026 announcement*

## Monzo vs Revolut vs Starling: Profitability Compared

- Revolut reported net profit of **$1 billion (£790 million)** in 2024, while its customer base grew by **38%** to **52.5 million**.
- Revolut’s revenues increased **72%** to **$4 billion (£3.1 billion)** in 2024.
- Monzo’s adjusted profit before tax reached **£113.9 million** in FY2025.
- Revolut launched Revolut Bank UK Ltd in March 2026 from a base of **13M UK customers**, with eligible deposits now covered by the FSCS.

> **The takeaway:** Monzo, Revolut, and Starling reached profitability on different timelines and different unit-economics paths, per CoinLaw’s review of FY2024-FY2025 disclosures. Revolut hit $1 billion net profit at a 52.5-million-customer base; Monzo hit £113.9m adjusted PBT at roughly 12 million; Starling crossed two full profitable years before either, on a smaller deposit base. Three different strategies, three working economic models.

Profitability for [digital banks](https://coinlaw.io/digital-banking-statistics/) correlates more tightly with deposit base and lending mix than with raw customer count. Revolut converts at roughly $19 net profit per customer at 2024 figures; Monzo at roughly £9.50 adjusted PBT per customer at FY2025.

BankCustomers (Latest)Profit MetricAnnual RevenueMonzo13 million+ (mid-2025)£113.9 million adjusted PBT (FY2025)~£1.2 billion (FY2025)Revolut52.5 million (2024)$1 billion / £790 million net profit (2024)$4 billion / £3.1 billion (2024)Starling~3.6 million accounts (latest filing)Two full profitable yearsn/d*Source: TechCrunch coverage of Revolut’s 2024 results, Monzo Annual Report FY2025*

For UK-specific wallet adoption references, see [Trust Wallet statistics](https://coinlaw.io/trust-wallet-statistics/).

## Frequently Asked Questions (FAQs)

**How many customers does Monzo have?**Monzo serves more than 13 million customers in total as of mid-2025, including 12.5 million personal customers and over 700,000 business customers, according to Monzo’s June 2025 announcement. The company added 2.4 million new customers in FY2025, with more than two-thirds joining via word of mouth.

 

**Is Monzo profitable?**Yes. Monzo reported its first full year of profitability in FY2024 with profit before tax of £15.4 million. Adjusted profit before tax then increased 8x to £113.9 million in FY2025, per Monzo’s Annual Report. The profit jump was driven primarily by net interest income that increased almost fivefold (382%) to £164.2m.

 

**What is Monzo’s valuation?**Monzo’s valuation reached $5.9 billion by an October 2024 secondary sale, up from $5 billion at the March 2024 Series I close led by CapitalG and $5.2 billion after Hedosophia’s investment in May 2024, per TechCrunch. The Series I round raised £500 million in total capital.

 

**Why is Monzo leaving the US?**Monzo announced in April 2026 that it is withdrawing from the US to focus on its home market and European expansion, according to FinTech Futures. The decision followed Monzo’s receipt of a European banking licence from the European Central Bank and the Central Bank of Ireland on 17 December 2025. Approximately 50 employees are expected to be laid off, and existing US customers can continue using their accounts until June 2026.

 

**How much money do Monzo customers have on deposit?**Customer deposits at Monzo grew 48% to **£16.6 billion** in FY2025, with total assets reaching **£18.3 billion**, per the Monzo Annual Report. Customer deposits in the prior year stood at £11.2 billion in FY2024. Instant Access Savings customers grew to 2.3 million, and Monzo paid more than £250 million in interest to savings customers.

 

 

## Conclusion

Monzo’s data tells a focused story: **£113.9 million** in adjusted profit before tax, **£16.6 **billion**** in customer deposits, and **£18.3 **billion**** in total assets at the end of FY2025. The 8x profit jump is the headline, but the underlying engine is the rise in net interest income, proof that loan book scale and base-rate timing matter more for digital-bank unit economics than customer count alone.

Beneficiaries include UK retail customers (deeper savings products) and small-business owners, where business banking grew 49% year-on-year to 625,000 customers and contributes 12% of revenue. Looking forward, the European banking licence granted on 17 December 2025 by the European Central Bank and the Central Bank of Ireland reset the addressable market materially. Whether the product playbook compounds in the eurozone the way it has in the UK is the question this year’s filings will answer.