On a Tuesday morning in London, somewhere between 14 and 15 million people will open a coral-colored debit card screen on their phone before they open their email. That single design choice, the bank as the first app of the day, is what Monzo has spent a decade building. The numbers now suggest the bet is working. Revenue jumped 48% to £1.2 billion in FY2025, customers grew 25% to 12.2 million, and deposits climbed 48% to £16.6 billion. Pre-tax profit went up roughly 8x to £113.9 million.
For a company that was selling prepaid cards out of a hot-desk in 2015, those are serious bank-grade figures.
The bet
Monzo's wedge has not changed much since founders Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman set out to "build a current account that lives on your smartphone and gives you control of your money" [Fintech Wrapup]. The product started as a prepaid debit card, picked up a full UK banking licence in April 2017 [Wikipedia], and now sits at the center of a deposit-taking, lending, and subscription business serving over 15 million customers across the UK and US [Crowdfund Insider, March 2026; Finextra, 2026; FStech, 2026].
Roughly 75% of users are under 34 [Business of Apps, 2026], and the bank now counts about one million under-16 accounts in its base [Future of Banking, 2026].
Why it could be big
The cap table reads like a who's who of growth investors: Accel, General Catalyst, Passion Capital, Thrive Capital, Goodwater Capital, Stripe, Orange Digital Ventures, Latitude, CapitalG, and the Abu Dhabi Growth Fund. Forbes pegged Monzo's valuation at over $1 billion as far back as October 2018 [Forbes, October 2018].
| Metric | Value |
|---|---|
| FY24 Revenue | £880M |
| FY25 Revenue | £1,200M |
| FY24 Pre-tax Profit | £15.4M |
| FY25 Pre-tax Profit | £113.9M |
| FY25 Deposits | £16,600M |
The team and the traction
Blomfield stepped down as CEO in January 2021 [TechCrunch, January 2021], and later moved to San Francisco to join Y Combinator as a group partner in May 2023 [Bloomberg, May 2023]. TS Anil, who took the Group CEO role in May 2020, gets credit for the heavy lifting since: customers grew from roughly 4 million to over 13 million on his watch, and revenue went from £67 million to over £1.2 billion. Anil is now set to step down, with Diana Layfield named as his replacement.
The honest counterfactual
What the bears say: the UK challenger market is no longer empty water. Revolut, Starling Bank, Chase UK, and N26 all want the same young, mobile-first customer Monzo has been compounding for a decade. What the bulls answer: deposits of £16.6 billion suggest customers are no longer treating Monzo as a secondary spending account. They are moving real money in.
What to watch
Three things over the next twelve months. First, the Layfield transition. Second, the US business, which Monzo has been pointing at since the 2018 unicorn round [Forbes, October 2018]. Third, an IPO. With £1.2 billion in revenue, eight-figure profits, and a cap table heavy with growth investors, the public-markets conversation is no longer hypothetical.