Revolut vs Monzo Statistics 2026: Customers & Profit

Revolut closed FY2024 with 52.5 million customers globally and a $1.4 billion profit before tax, while Monzo finished FY2025 on more than 13 million customers and a £113.9 million adjusted pre-tax profit. The two UK challenger banks share a customer-acquisition style and a balance-sheet trajectory, yet they sit on different regulatory perimeters.

Monzo has held a full FCA + PRA UK banking licence since April 2017, while Revolut’s UK arm only cleared its 20-month PRA mobilisation phase in March 2026. The scoreboard below tracks customers, revenue, deposits, profitability streaks, lending books, licence regimes, deposit protection, geography and Companies House paper trail.

Key Takeaways

• Revolut closed FY2024 with 52.5 million customers globally, a 38% increase on the prior year, while Monzo crossed 13 million total customers in mid-2025, with 12.5 million personal plus more than 700,000 business.
• Revolut group revenue reached $4.0 billion in FY2024, up 72% year on year, while Monzo group revenue reached £1.2 billion in FY2025, up 48%.
• Revolut’s FY2024 profit before tax of $1.4 billion marked its fourth consecutive profitable year, while Monzo’s FY2025 adjusted profit before tax of £113.9 million was an eightfold rise on its FY2024 adjusted PBT.
• Revolut held $38 billion in customer balances at the end of FY2024 (up 66%), and Monzo held £16.6 billion in customer deposits at the end of FY2025 (up 48%).
• Monzo’s loan book reached £1.9 billion in FY2025 (up 36%), with net interest income of £164.2 million, and Revolut’s customer lending portfolio reached $1.2 billion in FY2024 (up 86%).
• Revolut’s PRA banking licence exited the mobilisation phase on March 11, 2026, with a customer-deposit cap of £50,000 during the mobilisation period that began in 2024.
• Word-of-mouth drove customer acquisition at both banks: over 65% of new Revolut retail customers in FY2024 and 67% of new Monzo sign-ups in FY2025.

Editor’s Choice

• Revolut group revenue: $4.0 billion in FY2024, up 72% from over $2.2 billion in FY2023.
• Revolut profit before tax: $1.4 billion in FY2024, up from a record $545 million in FY2023.
• Monzo revenue: £1.2 billion in FY2025, a 48% increase on the prior year.
• Monzo adjusted pre-tax profits rose eightfold to £113.9 million in FY2025.
• Revolut’s total customer balances expanded 66% to $38 billion at year-end FY2024.
• Monzo customer deposits grew to £16.6 billion at year-end FY2025.
• Revolut transaction volumes rose 52% year on year in FY2024.

Recent Developments

Methodology: Dates below are sourced to Bank of England Bank Rate decisions, UK Companies House filings (Monzo Bank Limited 09446231), the Prudential Regulation Authority licensing decision summaries via Tech.eu and Banking Dive, and Monzo’s December 2025 Dublin announcement coverage. The extraction window covers events from 11 November 2025 to 17 May 2026.

• 11 March 2026: Revolut received a full UK banking licence from the Bank of England’s Prudential Regulation Authority, exiting a 20-month restricted-licence mobilisation phase that began in July 2024.
• 13 February 2026: Monzo Bank Limited filed the director appointment of Diana Louise Patricia Layfield at Companies House, joining a 2024 to 2026 wave of board changes.
• 18 December 2025: The Bank of England held its Bank Rate at 3.75% following the December cut from 4.00%, a step-down trajectory from the 5.25% peak that held from August 2023 to August 2024.
• 17 December 2025: Monzo Bank obtained a European banking licence from the European Central Bank and the Central Bank of Ireland, opening a Dublin-anchored EU passport route.
• 11 November 2025: Monzo Bank Limited filed its confirmation statement at Companies House (one year after the prior dated 11 November 2024).
• April 2026: Monzo announced its withdrawal from the US market, with around 50 employees affected and existing US accounts closing by June 2026.

Source: UK Companies House, Bank of England, Tech.eu, Banking Dive, PYMNTS

Customer Counts and Acquisition Channels

• Revolut closed FY2024 with 52.5 million customers globally, a 38% increase on the prior year, after welcoming almost 15 million new customers during 2024.
• Revolut held 38 million customers at the end of FY2023, the figure feeding the FY2024 jump.
• Monzo had passed 13 million total customers by mid-2025, with 12.5 million personal customers, equivalent to 1 in 5 UK adults, and more than 700,000 business customers, or 1 in 8 UK businesses.
• Monzo’s FY2025 results showed 2.4 million new customers, bringing the total to more than 12 million at the 31 March 2025 close.
• Monzo’s weekly active customer count grew 28% from 5.4 million to 6.9 million over FY2025.
• Over 65% of new retail customers joining via word-of-mouth or referrals at Revolut in FY2024, a share Revolut attributes to its product-led growth.
• 67% of customers join through word of mouth at Monzo, with a Net Promoter Score of 70, against an industry average of 30.
• Revolut’s word-of-mouth share runs alongside a paid-marketing budget rather than replacing it; the FY2024 annual report attributes the customer addition to a combination of the two.

Source: Revolut Annual Report (Revolut Group Holdings Ltd), Monzo Annual Report, PYMNTS

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Is Revolut bigger than Monzo by customer count?

Revolut is materially larger globally: Revolut closed FY2024 on 52.5 million customers versus Monzo’s more than 13 million by mid-2025. The gap narrows in the UK specifically, where Revolut serves 13 million customers in the UK (and 70 million globally per the same source) against Monzo’s 13 million+, all but a sliver of which sit in Britain.

Annual Revenue Trajectories

• Revolut group revenue reached $4.0 billion (£3.1 billion) in FY2024, up 72% from $2.2 billion (£1.8 billion) in FY2023 across the segment mix.
• Monzo group revenue reached £1.2 billion in FY2025, a 48% increase on the prior year, breaking the £1 billion bar for the first time.
• Revolut’s FY2023 revenue of over $2.2 billion (record for the company at the time) defined the springboard for the FY2024 acceleration.
• Backed out from Monzo’s stated 48% FY2025 revenue growth on the £1.2 billion print, the implied FY2024 revenue base lands close to £0.81 billion.
• Revolut grew revenue by roughly $1.8 billion year on year between FY2023 and FY2024.
• The two trajectories are a year offset in audited form, so a direct year-over-year delta read straight from the table requires holding “Revolut FY2024” against “Monzo FY2025” in mind rather than the same calendar window.

Source: Revolut Group Holdings Ltd Annual Reports, Monzo Bank Limited Annual Report

Customer Deposits and Total Assets

• Revolut’s total customer balances expanded to $38 billion (£30 billion) at year-end FY2024, up 66% from $23 billion a year earlier, deposit growth that rivals the Chinese payment market share on the mobile-payments rail.
• Monzo’s customer deposits reached £16.6 billion at the end of FY2025, a 48% increase on the prior year.
• Monzo’s total assets grew 41% to £18.3 billion over FY2025 on the back of the deposit inflow.
• Revolut held £15.1 billion of customer deposits at the end of FY2023, with an additional £3.1 billion of off-balance sheet customer deposits and £17.4 billion in total assets.
• Monzo reported 2.3 million customers with Instant Access savings in FY2025, alongside more than £250 million in interest paid to customers.
• About 33% of Monzo’s customers used it as their primary bank per the FY2025 reporting cycle, the engagement-depth metric the bank publishes alongside the raw deposit number.

Source: Revolut Group Holdings Ltd Annual Reports, Monzo Bank Limited Annual Report

Profit Before Tax: Profitability Streaks Compared

• Revolut posted a $1.4 billion (£1.1 billion) profit before tax in FY2024, delivering its fourth consecutive year of profitability.
• Revolut’s FY2023 profit before tax of a record $545 million was the company’s third profitable year in a row.
• Monzo’s FY2025 adjusted pre-tax profit reached £113.9 million, an eightfold rise on the prior year’s first full-year adjusted PBT figure.
• Revolut’s FY2024 net profit grew to $1.0 billion (£790 million), up from $428 million in 2023, with net profit margin strengthening to 26%.
• Monzo’s FY2025 net interest income climbed almost fivefold, up 382%, to £164.2 million, the engine behind the 8x adjusted-PBT jump.
• Revolut’s $1.4 billion FY2024 profit before tax was roughly 2.6 times its $545 million FY2023 figure.

By the numbers: Revolut cleared a $1.4 billion profit before tax in FY2024, its fourth consecutive year of profitability. Monzo’s FY2025 adjusted pre-tax profits rose eightfold to £113.9 million, per FinTech Global’s coverage. The streak gap is three years, not three months.

Source: Revolut Group Holdings Ltd Annual Reports, Monzo Bank Limited Annual Report, FinTech Global

Revenue Mix: Where the Money Comes From

• Revolut Card Payments revenue reached $887 million (£694 million) in FY2024, up 43% year on year, a card-rail engine that ranks against the Visa network statistics headline volumes.
• Revolut Wealth revenue jumped 298% to $647 million (£506 million) in FY2024, the fastest-growing segment.
• Revolut FX revenue grew 58% to $540 million (£422 million) in FY2024.
• Revolut Subscriptions turnover reached $541 million (£423 million), a 74% year-on-year increase in FY2024.
• Revolut’s interest income grew 58% to $1.0 billion (£790 million) in FY2024.
• Revolut’s business customers generated $592 million (£463 million) in turnover, accounting for approximately 15% of total group revenue.
• Monzo’s lending contributes approximately 30% of total revenue in FY2025, a structurally different mix from Revolut’s payments-and-FX-led base.
• Monzo subscription income grew more than 50% in FY2025, with more than 1 million customers with subscriptions.

Lending Books and Net Interest Income

• Monzo’s loan book reached £1.9 billion in FY2025, up 36% from the previous year.
• Revolut’s customer lending portfolio reached $1.2 billion (£979 million) in FY2024, up 86% year on year.
• Monzo’s net interest income climbed almost fivefold, up 382%, to £164.2 million in FY2025.
• Monzo Flex accounts for over a fifth of Monzo’s overall loan book, at £169.3 million, up from 10% of the loan book a year earlier.
• Monzo’s lending products include personal loans, arranged overdrafts, and Monzo Flex buy-now-pay-later, with credit losses declining 10% across FY2025 despite portfolio growth.
• Revolut’s interest income of $1.0 billion in FY2024, up 58%, tracks the rate-cycle tailwind without an equivalent UK lending book during the period; the UK consumer credit perimeter only opened in March 2026.
• The structural difference is straightforward: Monzo earned more than four-fifths of its FY2025 interest margin from its own loan book and customer overdrafts, while most of Revolut’s interest income through FY2024 sat against customer balances parked in safe assets rather than deployed into UK consumer credit.

Source: Revolut Group Holdings Ltd Annual Report, Monzo Bank Limited Annual Report, FinTech Global

Banking Licence Regimes: PRA Mobilisation vs Full Authorisation

• Revolut received a full UK banking licence and regulatory approval from the Bank of England’s Prudential Regulation Authority on March 11, 2026, exiting the mobilisation phase.
• The restriction period lasted 20 months, following Revolut’s initial restricted licence secured in July 2024, a timeline that exceeded the typical 12-month mobilisation duration.
• During mobilisation, Revolut operated under restrictions limiting customer deposits to £50,000, removed on the date of the full licence.
• The full licence authorises loans, mortgages, credit cards, overdraft protection, and savings products: services Monzo and Starling had already offered.
• Monzo Bank Limited has held a UK banking licence from the FCA and PRA granted in April 2017, dual-authorised since the same calendar quarter.
• Revolut first applied for the PRA licence in 2021, facing audit issues regarding revenue verification due to IT system deficiencies before securing the conditional licence in 2024.
• Existing UK customers require at least two months’ notice before account migration to the new bank structure; new customer onboarding begins in a few days with phased expansion, per the bank’s stated rollout plan.

Why it matters: Revolut’s UK banking perimeter opened on 11 March 2026 after a 20-month mobilisation that capped deposits at £50,000 and blocked UK lending, leaving Monzo as the only one of the two with a full FCA + PRA banking licence covering deposits, loans, mortgages, overdrafts and savings across the previous nine years.

Source: Tech.eu, Banking Dive, Monzo Bank Limited Companies House filings

Deposit Protection: FSCS vs Lithuanian Scheme

• Monzo customer deposits sit inside the UK Financial Services Compensation Scheme, with cover of up to £85,000 per eligible depositor per institution: the standard FSCS perimeter Monzo Bank Limited has carried since April 2017, a full licence.
• For Revolut UK customers, the licence upgrade enables Revolut to offer deposit accounts protected by the FSCS (Financial Services Compensation Scheme) on eligible deposits from 11 March 2026 onward.
• Revolut UK CEO Francesca Carlesi confirmed FSCS coverage up to £120,000 if the bank fails at the licence event, with the £120,000 figure reflecting joint-account arithmetic under FSCS rules that double the £85,000 single-holder limit when two named depositors share the account.
• Revolut Bank UAB customers in the EEA sit under “Deposit and Investment Insurance” cover up to €100,000 per depositor, a different regime from FSCS administered by the Lithuanian State Company that supervises Revolut Bank UAB customer deposits across the European Economic Area.
• Under the Lithuanian scheme, compensation for deposits up to €100,000 will be made no later than within 7 working days, with the €100,000 limit applying individually for each depositor on a joint account.
• The headline difference for a UK retail saver is the date stamp on the FSCS umbrella: Monzo customers have been inside FSCS continuously since 2017, while Revolut UK customers only entered FSCS on 11 March 2026.

Key finding: Three deposit-protection regimes sit between these two banks: Monzo customers under FSCS at the standard cover since 2017, Revolut UK customers inside FSCS only from 11 March 2026 onward, and Revolut Bank UAB customers in the EEA covered by the Lithuanian Deposit and Investment Insurance scheme up to €100,000.

Are Revolut UK deposits FSCS-protected?

Revolut UK deposits are FSCS-protected on eligible deposits from 11 March 2026 onward. Per the Prudential Regulation Authority’s approval on March 11, 2026, Revolut Bank UK Ltd now offers deposit accounts protected by the FSCS on eligible deposits. Before that date, Revolut UK customers held e-money safeguarded balances rather than FSCS-covered bank deposits, a different perimeter from Monzo’s continuous FSCS cover since April 2017, with a full licence.

Geographic Footprint: Global Revolut vs UK-Centric Monzo

• Revolut serves 13 million customers in the UK and 70 million globally as of the March 2026 licence event, a footprint spanning the EEA via Revolut Bank UAB and additional non-EU markets via local entities. Peer scoreboards for adjacent neobank rails sit in the investment banking industry statistics hub.
• Monzo’s customer base is dominated by the UK: 12.5 million personal customers, equivalent to 1 in 5 UK adults, and more than 700,000 business customers, or 1 in 8 UK businesses, sit inside Britain at the FY2025 reporting point.
• Monzo obtained a European banking licence from the European Central Bank and the Central Bank of Ireland on 17 December 2025, opening a Dublin-anchored EU growth route.
• Monzo’s US arm announced its withdrawal in April 2026, with around 50 employees affected and existing US accounts closing by June 2026, removing the only material non-UK footprint Monzo had operated before the Dublin licence.
• The footprints are inverted by intent: Revolut’s growth math is global with the UK as one geography among many, while Monzo’s growth math is UK with the EEA as a recently opened lane.

Bank of England Base Rate and Margin Tailwinds

• The Bank of England Bank Rate was held at 5.25% from 3 August 2023 until 1 August 2024, the peak of the post-pandemic tightening cycle and a 12-month window that fed both banks’ net interest income.
• The Monetary Policy Committee began cutting in August 2024 (to 5.00%), with subsequent cuts to 4.75% in November 2024, 4.50% in February 2025, 4.25% in May 2025, 4.00% in August 2025, and 3.75% in December 2025.
• The Bank Rate was maintained at 3.75% through the most recent decisions in 2026, setting the prevailing UK savings-and-lending rate environment as both banks reported.
• Monzo’s net interest income increased almost fivefold, up 382%, to £164.2 million, driven by customers’ increased use of overdrafts, unsecured personal loans and Monzo Flex across the 12 months covering the high-rate window.
• Revolut’s interest income grew 58% YoY to $1.0 billion (£790 million) across the same rate environment, with the smaller percentage growth reflecting the absence of a UK consumer-lending engine during mobilisation.
• The rate-cut path from August 2024 onward will mechanically compress these net interest margins, so the FY2025 NII pace for Monzo and the FY2024 NII pace for Revolut both reflect close-to-peak conditions rather than a steady run rate.

Companies House Filing Footprint

• Monzo Bank Limited’s latest full accounts were filed at Companies House on 1 September 2025 for the period ending 31 March 2025 (212 pages).
• Prior-year Monzo accounts were filed at Companies House on 15 October 2024, covering the period ending 31 March 2024 (196 pages).
• Director appointments filed for Monzo Bank Limited include Jambu Palaniappan (2 September 2025), Karen Alexandra Smith Peacock and Spencer George Lake (16 October 2025), Diana Louise Patricia Layfield (13 February 2026), Delfin Rueda Arroyo (10 July 2025), Mark Newbery (2 December 2024), and Jane Fields Wicker-Miurin (2 April 2024).
• Monzo resignations recorded at Companies House include Anil Sai Tummalapalli (11 February 2026), James Davies (4 November 2024) and Matthew Samuel Bromberg (16 May 2024).
• Revolut Ltd is registered at Companies House as company number 08804411, incorporated 6 December 2013, with registered office at 30 South Colonnade, London.
• Revolut Group Holdings Ltd is registered as a company with the company number 12743269, incorporated on 15 July 2020, with the same registered office.
• Revolut Bank UK Ltd is registered separately as a company number 12871051, the entity that holds the PRA licence.

Source: UK Companies House

Frequently Asked Questions (FAQs)

When did Monzo become profitable for the first time?

Monzo crossed into its first full-year profit in FY2024 (the 12 months ended 31 March 2024), and adjusted pre-tax profits rose eightfold to £113.9 million in FY2025. The FY2025 result was the bank’s second full profitable year. By contrast, Revolut hit its fourth consecutive year of profitability at FY2024, putting Revolut’s first profitable year at FY2021.

How many countries does Revolut operate in?

Revolut serves 70 million customers globally per the March 2026 licence event. The UK leg sits inside 13 million customers in the UK; for an adjacent multi-market neobroker comparison, the Robinhood vs eToro user data hub runs the same geography-by-geography breakdown. EEA customers sit under Revolut Bank UAB, the Lithuanian-licensed bank covered by the Bank of Lithuania.

Why did Revolut’s PRA mobilisation phase take 20 months instead of 12?

Per Banking Dive’s coverage of the PRA decision, Revolut first applied for the PRA licence in 2021, facing audit issues regarding revenue verification due to IT system deficiencies before securing the conditional licence in 2024. The full PRA approval on March 11, 2026, closed a 20-month restriction period, following Revolut’s initial restricted licence secured in July 2024, a timeline that exceeded the typical 12-month mobilisation duration. Comparable lending-licence timelines in the US fintech market sit in the SoFi vs Robinhood metrics hub for cross-jurisdiction context.

Conclusion

Revolut’s 52.5 million global customers and $1.4 billion FY2024 profit before tax sit on a different scale and a different revenue mix from Monzo’s more than 13 million customers and £113.9 million FY2025 adjusted pre-tax profit, yet the two banks share the post-2023 UK rate cycle as the dominant tailwind and word-of-mouth as the dominant acquisition channel. Analysts comparing deposit perimeters, journalists tracking the FSCS umbrella, and UK retail customers checking who covers what after a bank failure benefit from holding both scoreboards side by side rather than reading either annual report in isolation.

The variable to watch this year is the rate path: the Bank of England’s hold at 3.75% through the most recent 2026 decisions sets the ceiling on the net interest income tailwind that powered Monzo’s FY2025 almost fivefold, up 382%, NII jumped to £164.2 million, and Revolut’s FY2024 interest income grew 58% YoY to $1.0 billion (£790 million). CoinLaw will refresh this comparison when each bank publishes its next audited accounts, alongside the next confirmed PRA and FCA decisions affecting either entity.