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Monzo passes $1B in revenue

Jun 3, 2024
Illustration of a handshake between two people in front of a background designed with a graphic UK flag pattern, surrounded by an UK GPB border.

Illustration: Annelise Capossela/Axios

Monzo's revenue grew 147% for its fiscal year 2023 to over $1.1 billion, the British neobank revealed Monday.

Why it matters: The news puts the company — which auditors once warned of suffering "going concerns" back in 2021 — alongside Chime and Revolut as neobanks that have surpassed the $1 billion revenue mark.

By the numbers: Monzo reported revenue of £880 million ($1.1 billion) for the year ending March 2024, compared with £355 million ($452 million) the year prior.

  • It also posted a profit of £8.7 million ($11.1 million) compared with a £116.3 million ($148.1 million) loss in the same period a year earlier.
  • This spring, investors including CapitalG participated in a fundraise that valued Monzo at $5.2 billion.

State of play: Last valued at $25 billion, Chime told Forbes that its revenue last year grew 30%, to $1.3 billion. It posted its first quarter of profits in the first quarter of 2024.

  • Revolut was reportedly on track to hit $1.9 billion in revenue in 2023, nearly double its total from the same period a year earlier, per Bloomberg.
  • On the public side, Brazil-focused Nu Holdings (NYSE: NU) hit revenue of over $8 billion in 2023 and over $1 billion in net profits.
  • SoFi (NYSE: SOFI) posted revenue of $2.1 billion and a net loss of $94 million.

What we're watching: Last valued at over $9 billion in 2019, German startup N26 has lagged, in part due to regulatory shackles. It last said it expected $300 million in revenue for 2023 and would not be profitable until the second half of 2024.

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