Monzo reveals one-third of customers use it as a primary bank, as profits and revenues swell

Monzo today (Monday) revealed that a third of its customers were using it as a primary bank, as profits surged four-fold to £60.5m in the year ending March 2025.

The UK challenger bank, famed for its coral-coloured cards, said it added 2.4m customers in the year and now had more than 12m customers in total. The bank, led by CEO TS Anil, said it was now the seventh-largest UK bank by customer numbers.

In its results, Monzo did not divulge any details of its long-rumoured IPO.

Revenues were up 48 per cent in the year to £1.2bn, the first time Monzo had topped the £1bn mark.

Pre-tax profits were up four-fold from £15.4m in the 13 months to March end 2024, to £60.5m in the 12 months to March 2025.

Monzo’s business customers grew by 49 per cent to hit 625,000, with Monzo Business now making up 12 per cent of total revenue.

Monzo also revealed that 33 per cent of its customers were using Monzo as their primary bank.

Challenger banks like Monzo, Revolut and Starling have long-faced questions about how many of their customers were using their respective banks as their main banks and getting their salaries paid into them.

Monzo said revenues increased across all areas: lending, transactions and subscriptions.

Customer deposits grew 48 per cent to £16.6bn, with the number of weekly active users increasing by 28 per cent. Subscription income grew 50 per cent to £75.2m.

Average revenues per user grew 16 per cent for business customers and 15 per cent for retail customers.

The challenger bank also highlighted that its new under-16s product garnered a 180,000-strong waitlist.

Monzo also highlighted its expansion plans over the next 12 months across Europe and the US, saying it was building its Irish team at pace, which would be its springboard to its launch across the EU.

Anil said: "Another year of raising the bar and driving scale, growth and profitability! 2.4 million customers chose Monzo, we launched more products than ever, increased customer engagement - and saw record growth for Monzo Business.

"By bringing the best of technology and banking together and remaining customer-obsessed, we’re seeing accelerating growth and momentum and unprecedented customer love - with Monzo recently named Best British Bank. And the best part? We’re still just getting started.”