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 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.

Source: Monzo Annual Reports FY2024 and FY2025, PYMNTS coverage of Monzo’s June 2025 announcement

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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.

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 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.

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.

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.

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 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 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 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.

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.

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 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.

Source: TechCrunch coverage of Revolut’s 2024 results, Monzo Annual Report FY2025

For UK-specific wallet adoption references, see Trust Wallet statistics.

Frequently Asked Questions (FAQs)

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.