Monzo Statistics 2026: Customers, Revenue, Deposits and Assets

Monzo ended its 2026 financial year with over 15 million customers across personal and business banking, a 25% increase year over year. Revenue reached £1.7 billion, up 39%. Customer deposits grew 55% to £25.7 billion. The Monzo statistics below are drawn from audited accounts for the year ended 31 March 2026, according to Monzo Bank Holding Group Limited.

One number in that set travelled further than the rest, and it is the one that needs the most care. Monzo reported adjusted profit before tax of £172.6 million, while the audited statutory profit before tax in the same accounts was £87.3 million.

Key Takeaways

• Revenue grew 39% to £1.7 billion while gross profit rose 35% to £1.0 billion, so costs of revenue climbed faster than the top line.
• The UK arm earned £122.3 million before tax while the US, Irish and Spanish entities lost £20.2 million, £13.5 million and £1.3 million. UK profit is currently paying for the European build-out.
• Deposits per monthly active user reached £2,462, up 23% year over year, which is the clearest single read on relationship depth.
• The treasury portfolio reached £9.5 billion while net lending increased 44% to £2.3 billion.
• Net interest margin fell to 3.7% from 4.1% as the Bank of England base rate dropped 75 basis points.
• Monzo averaged 4,674 full-time-equivalent employees across four countries, 4,591 of them in the UK.

Editor’s Choice

• Total customers: 15.2 million after 3 million joined during the year.
• Customer deposits: £25.7 billion, split £10.2 billion in current accounts and £15.5 billion in savings.
• Card spend: £73.0 billion, up 32% from £55.3 billion.
• Adjusted profit before tax: £172.6 million, up 20% and a third consecutive profitable year.
• Statutory profit before tax: £87.3 million, against £60.5 million the year before.
• Business customers: 905,000 businesses after 280,000 were added in the year.

Monzo Statistics: Total Customers and Active Users

• 3 million new customers joined during the year, Monzo’s highest annual additions to date, up from 2.4 million the year before, per Monzo’s FY2026 annual report.
• Around 79% of new customers arrived through word of mouth, including referrals.
• 1.6 million customers hold a paid subscription, 16% of total monthly active users.
• The number of customers borrowing from Monzo reached 4.1 million.
• Monzo reports an NPS score of 76 against a stated industry average of 30.
• 1 in 5 new businesses chose Monzo, and 650,000 investment and pension accounts are managed on the platform.

Source: Monzo Bank Holding Group Limited, FY2026 accounts (year ended 31 March 2026)

About This Data

The Monzo statistics on this page are compiled from 11 verbatim excerpts across five Tier 1 documents. Those are Monzo’s audited FY2026 report, its published results summary, the Financial Conduct Authority’s enforcement notice, and two Companies House registers. The compilation window runs from 2025-07 to 2026-09. Only primary or official disclosures qualified, and figures update when Monzo files new accounts.

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Monzo Revenue by Financial Year

• Revenue rose 39% year over year to £1.7 billion, from £1.2 billion in the prior year.
• Gross profit reached £1.0 billion, up 35%, on a gross profit margin of 59% against 61% in FY2025.
• Cost of revenue rose to £699.5 million from £487.4 million.
• The cost-to-income ratio increased to 74% from 70%, per Monzo’s own financial review.
• Blended average revenue per active customer reached £183, up 11%.
• The FY2024 column below uses the unaudited 12-month restatement Monzo published for comparison, because the audited FY2024 period ran 13 months.

Recent Developments

• May 2026: Monzo’s FY2026 annual report reported revenue up 39% to £1.7 billion.
• April 2026: Monzo’s Irish waitlist grew to 100,000 ahead of its official launch in April.
• March 2026: Monzo launched Select Access Savings Pots, where customers have collectively saved over £100 million.
• Year ended 31 March 2026: The treasury portfolio reached £9.5 billion, ahead of deposit growth.
• September 2026: Hey Habito Ltd’s registered office is Broadwalk House, 5 Appold Street, London EC2A 2AG, the same address as Monzo Bank Holding Group Limited. The public register now confirms what the acquisition announcement described.
• September 2026: According to Companies House, Monzo’s next statutory accounts, made up to 31 March 2026, are due by 31 December 2026.

Monzo Customer Deposits and Total Assets

• Customer deposits reached £25.7 billion at 31 March 2026, up from £16.6 billion a year earlier.
• Total assets closed the year at £27.606 billion, against £18.264 billion in 2025.
• Total liabilities were £26.322 billion, and equity was £1.284 billion.
• Cash reserves held at the Bank of England equal 60% of total customer deposits.
• Over 3.5 million customers now hold savings with Monzo.
• More than 2 million customers took part in the 2026 Saving Challenge, compared with 1.5 million the year before.
• Deposits and total assets have tracked each other closely for five years, which is what a funding-led balance sheet looks like.

Monzo Profit Before Tax: Statutory Versus Adjusted

• Statutory profit before tax was £87.3 million, up from £60.5 million in the prior year.
• Adjusted profit before tax reached £172.6 million, up 20% and marking a third consecutive year of profitability.
• FY2026 exceptional items were the £21.1 million FCA fine and a £5.3 million MINC restructuring provision.
• Monzo changed the basis for calculating adjusted profit before tax in FY2026 and applied it retrospectively to FY2025.
• The prior year carried a separate one-off expense of £53.4 million relating to an employee secondary share sale.
• Profit for the year fell to £86.3 million from £94.6 million, because FY2025 carried a tax credit of £34.1 million.

Source: Monzo audited profit and loss account, FY2022 to FY2026

By the numbers: Monzo’s audited profit before tax was £87.3 million in FY2026 against an adjusted figure of £172.6 million. The wedge is share-based payments plus two exceptional items, a £21.1 million FCA penalty and a £5.3 million restructuring provision, on a basis Monzo restated this year.

Monzo Profit and Loss by Country

• The UK arm earned £122.3 million of profit before tax in FY2026. The parent company is registered at Companies House under number 14785367 as Monzo Bank Holding Group Limited.
• The US entity lost £20.2 million, the Republic of Ireland entity lost £13.5 million, and the Spanish branch lost £1.3 million.
• UK turnover was £1.711 billion of the group’s £1.712 billion total income.
• Corporation tax paid was £20.1 million in the UK and £18,000 in Ireland.
• The Group has commenced the process of winding up Monzo Inc. along with closing its US operations.
• MBEU is incorporated in the Republic of Ireland and has opened a branch in Spain.

Source: Monzo Annual Report 2026, country-by-country reporting disclosure, year ended 31 March 2026

Why it matters: The statutory country split shows a UK business earning £122.3 million before tax while three overseas entities lost money in the same year. Group profit before tax of £87.3 million is therefore a UK result net of an international build-out.

Monzo Revenue by Income Line

• Interest income increased 39% to £1.2 billion, a £338 million increase on £862 million.
• Fee and commission income increased 39% to £459.0 million, a £129.8 million increase on £329.2 million.
• Other operating income increased 21% to £53.7 million.
• Treasury asset income doubled, rising from £169 million to £339 million.
• Lending income increased 39% year on year to £377 million.
• Interest from deposits held with the Bank of England increased 12% to £484 million.
• Subscription income increased 62%, or £46.9 million, year on year.

Monzo Card Spend and Transaction Activity

• Transaction income grew 37%, or £86.3 million, year on year on higher payment volumes.
• Card spend increased 32%, lifting interchange income by £68.0 million.
• International payments fees added a further £13.6 million.
• Monzo-powered cross-border volumes now make up 73% of international payments, against 7% in FY2025.
• Customers rescued more than £372 million by undoing payments, and set aside £450 million in Tax Pots.

Source: Monzo FY2026 financial review and published results summary, years ended 31 March 2026 and 31 March 2025

Monzo Lending Book and Monzo Flex

• Gross loan balances grew 42% over the year, reaching £2.6 billion by year-end.
• Total drawn balances rose to £2,641 million from £1,853 million.
• Loans were 41% higher, Monzo Flex increased 49%, and overdrafts rose 33%.
• Lending revenues increased 39% year over year.
• The number of personal account customers borrowing grew by over 1 million to over 4 million.
• Unsecured consumer credit at that scale is a small share of the wider UK market for personal loans, which is why Monzo’s mix skews toward overdrafts and instalment credit rather than large-ticket lending.

Monzo Loan Loss Rates and Arrears

• The credit loss expense increased 33% to £203.7 million, a £51.1 million increase from £152.6 million.
• The total loan loss rate improved to 9.0% from 9.4%.
• The realised loan loss rate improved to 6.7% from 7.5%.
• Portfolio coverage fell to 12.5% from 13.6%.
• Coverage by product was 7.8% on loans, 14.2% on Flex and 20.5% on overdrafts.
• Expected credit losses grew in absolute terms but at a slower rate than balances.

What is the downside of Monzo?

The disclosed downside sits in the credit book. Overdraft arrears rose to 6.7% from 5.9%, and overdrafts carry 20.5% portfolio coverage, against a total loan loss rate of 9.0%. Monzo also paid an FCA penalty of £21,091,300 over historic financial crime controls.

Monzo Balance Sheet Composition and Net Interest Margin

• Cash and cash equivalents stood at £15.451 billion and treasury investments at £9.5 billion.
• Loans and advances to customers were £2.3 billion, up from £1.602 billion.
• Net interest margin fell to 3.7% from 4.1%, a 41 basis point reduction.
• The structural hedge carried a notional value of £11.9 billion, including a £10.8 billion portfolio of interest rate swaps.
• Monzo reported a Common Equity Tier 1 (CET1) ratio of 33%, compared with 56% in FY2025.
• Monzo holds customer money on its own balance sheet under UK deposit rules, a different custody model from the self-custody products covered in the Trust Wallet statistics.

The takeaway: Lending is the smallest working slice of Monzo’s balance sheet. Cash of £15.451 billion and treasury investments of £9.5 billion dwarf a £2.3 billion loan book. Most of the asset base therefore earns a policy-linked return rather than a credit spread.

Monzo Business Banking Statistics

• Monzo added 280,000 new business customers in FY2026, 45% more than the prior year and more than double the number from two years ago.
• Business banking now represents 14% of total revenue, compared with 12% a year ago.
• Business banking average revenue per active customer grew to £484, higher by 12% year over year.
• Personal banking average revenue per active customer reached £167, up 9% year over year.
• Customers set aside £450 million in Tax Pots.

Source: Monzo Annual Report and Accounts 2026, year ended 31 March 2026

Monzo Employee Count by Country

• Monzo employed 42 full-time-equivalent staff in the United States, 34 in the Republic of Ireland and 7 in Spain on average during FY2026.
• Average COps (Customer Operations) headcount increased 15% to 2,848, up from 2,485 in FY2025.
• Average headcount in Business and Technology increased 37% to 1,826, up from 1,336.
• The EU team expanded to 73 employees.
• Personnel expense increased 19% to £421.6 million.

Source: Monzo Annual Report 2026, country-by-country reporting disclosure, year ended 31 March 2026

Is Monzo Still Under Investigation?

The Financial Conduct Authority completed its investigation into Monzo’s historical financial crime controls in July. The regulator fined Monzo Bank Ltd £21,091,300 for inadequate anti-financial crime systems and controls between October 2018 and August 2020. Monzo also repeatedly breached a requirement preventing it from opening accounts for high-risk customers between August 2020 and June 2022. It signed up over 34,000 high-risk customers in that period.

Monzo has established and completed a financial crime change programme to remediate and enhance its wider financial crime control framework. FCA joint executive director Therese Chambers said Monzo fell far short of what we, and society, expect. The penalty was the 10th fine the FCA imposed on a bank for financial crime control failings in the previous 4 years.

Which Bank Is Behind Monzo?

The parent is Monzo Bank Holding Group Limited, incorporated on 6 April 2023 and registered under SIC code 64205, activities of financial services holding companies. Within that structure, MBL is incorporated in the UK and undertakes banking activities, while MBEU is incorporated in the Republic of Ireland.

Monzo agreed its first acquisition during FY2026, the planned purchase of Habito, a UK digital mortgage broker. Hey Habito Ltd’s public register entry gives a registered office at Broadwalk House, 5 Appold Street, London EC2A 2AG. That is the same building Monzo’s parent uses as its own address.

Conclusion

The Monzo statistics close the year to 31 March 2026 with over 15 million customers and deposits of £25.7 billion and revenue of £1.7 billion. The scale story is settled; the composition story is not. A £9.5 billion treasury portfolio sits against a £2.3 billion loan book. That mix describes a bank earning most of its return from where it parks deposits, not from who it lends to.

That makes the next few years a rate-sensitivity question as much as a growth question. The country split is where to watch it, because UK profit is funding an international expansion that has not yet paid for itself.