Year in review 2024
A year of
milestones
and momentum
£15.4 million
profit in FY24
2.3 million
new customers
88%
increase in customer deposits
"We're on a mission to change
people's relationship with
money. We've built a business
model that's designed entirely
around customers, and our
success proves that it works."
TS Anil, Monzo CEO
We had our
first full year of
profitability
With growth in all
areas of the business
£15.4 million profit
in financial year
2024 (FY24)
Profit before tax
Card spend grew
42% year-on-year
FY22 £24.0bn
FY23 £33.6bn
FY24 £47.8bn
£500 million
capital raised
From new and existing investors
Revenue
grew by 2.5+
+£524.4m
FY22 £154.2m | FY23 £355.6m | FY24 £880.0m |
Deposits were up
88% from last year
to £11.2 billion
+4.2bn
FY20 £1.4bn | FY21 £3.1bn | FY22 £4.4bn | FY23 £6.0bn | FY24 £11.2bn |
It's been a
year of wins
Winning
customers
Customers have an average
of 38 friends who use Monzo
of 38 friends who use Monzo
400k+
business customers
(up from 200k in FY23)
9.3+ million
personal customers
(up from 7.4m in FY23)
70
Net Promoter Score
How likely a customer is to recommend us
66%
of customers join
through word of mouth
through word of mouth
7
+
more likely to find the word
'love' in a review about
Monzo than any other bank
'love' in a review about
Monzo than any other bank
Winning
love
Winning
trust
1 in 7
new businesses apply for a
Monzo account
Monzo account
#1
for Overall Service Quality
Voted by customers in the Independent
Competition and Markets Authority survey
carried out in Great Britain by Ipsos Mori
between January 2023 and December 2023.
Learn more
Competition and Markets Authority survey
carried out in Great Britain by Ipsos Mori
between January 2023 and December 2023.
Learn more
money feel
different
Putting
money to work
Instant Access Savings launched for
business and personal customers
business and personal customers
Used by more than
1.3m customers
1.3m customers
Making sure customers
benefitted from every Bank
of England rate increase
benefitted from every Bank
of England rate increase
More than £130m in
interest paid to customers
since launch
interest paid to customers
since launch
A third of customers are
investing for the first
time ever
investing for the first
time ever
45% of women are
first-time investors
first-time investors
Breaking
down barriers
to finance
Monzo Investments lets you invest
as little as £1, with interactive guidance
along the way
as little as £1, with interactive guidance
along the way
Protecting
with an
industry-first
Call Status tells you if we’re calling
you or not so you know it's us
you or not so you know it's us
Call Status lets you report
attempted fraud directly in
the app
attempted fraud directly in
the app
700+ reports of
attempted fraud a month
using this feature
attempted fraud a month
using this feature
And the best
is yet to come...
We now have
3,700+ employees
3,700+ employees
We’re painting
the UK hot coral
"I’ve never believed in the idea
that a company has to choose between
either being mission-oriented or
focussed on business outcomes.
FY2024 proved Monzo is doing both.
We’ve achieved scale, growth and
profitability, and we have all
the right components to seize
the huge opportunity ahead."
TS Anil, Monzo CEO