UK Unicorn Monzo Breaks £1 Billion in Revenue

Known for its bright pink debit cards and user-friendly UX, Monzo has quickly become one of the UK’s most famous fintech unicorns.

Now, with over 12 million customers, Monzo has announced that it has officially broken £1 billion in revenue. But how did Monzo rise to fame? And what does the future hold? We explore..

 

Monzo’s Rise To The Top

 

Monzo (known then as Mondo) was founded back in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman – who initially met whilst working at Starling Bank.

The brand quickly gained traction for its hot coral card, easy to use UX, fee-free spending abroad and marketing campaign that saw users have to ‘refer’ friends to a very long waitlist.

But one of their smartest tactics was the ‘golden ticket’ system, where, once approved into the app, users would receive a single golden ticket to send a friend, which would allow them to skip the queue entirely.

This not only fuelled a quick expansion but was a very cost effective marketing strategy. According to Tom Blomfield, around 40% of Monzo’s sign ups in 2017 came from golden tickets.

From there, Monzo has gone from strength to strength, evolving into a fully-regulated bank offering loans, savings accounts, ISAs and buy now pay later capabilities.

Not to mention boasting a 12.2 million customer base, making it the UK’s 7th largest bank.

But it hasn’t all been plain sailing. Monzo was also dealing with an investigation by the Financial Conduct Authority (FCA) which questioned the bank’s adherence to its anti-money laundering rules. The criminal investigation was dropped last June, but checks are likely ongoing.

 

Monzo’s 2025 Financial Results

 

For the year ending 31 March 2025, Monzo announced that it had reached pre-tax profits of £60.5 million, up from £13.9 million last year. (Reuters)

Revenue grew 48% to £1.2 billion, crossing the billion-pound mark for the first time. Customer deposits also jumped 48% to £16.6 billion, while its lending offering expanded by 35%.

These results mark Monzo’s second year of profitability and it’s only going up from here, as Monzo reported that a third of their customers now use Monzo as their primary bank – an important metric to determine stability.

The company was also valued at £4.5 billion last year during an employee share sale, which allowed Monzo workers to cash in on their equity. This buy back was led by CapitalG (Alphabet’s investment fund) and quickly sparked rumours of an upcoming IPO.

 

 

Is An IPO On The Cards?

 

With a buy back last year and so much investment in growth, many are speculating around whether this means Monzo is heading for an IPO. But the company has put that rumour to bed.

Monzo CEO TS Anil told PA Media “We believe we’ll make a great public company one day…but it’s not something we’re focused on right now.”

However, he did confirm that an IPO definitely is on the cards, though the company has some more plans before then – including expanding to new markets.

 

Plans To Expand Across Ireland, EU and The US

 

During the same conversation with PA media, TS Anil confirmed that Monzo is planning to expand into Europe via Ireland and then has its sights set on the US.

“The US is a massive market, and one that we feel truly needs a Monzo,” said Anil. “We’re building momentum, adding new products, and building out teams in Europe and the US.”

These new products are rumoured to be pensions and mortgages – propelling Monzo into a full scale financial product.

 

Fintech Unicorns in the UK – A Growing Market

 

Over the past decade or so, the UK has become home to some of the world’s most successful fintech companies. Alongside Monzo, some of these names include:

 

Revolut

 

 

Revolut is the UK’s most valuable fintech, valued at a huge $33 billion at its last fundraising.

It is a super-app for banking, trading, crypto and travel, with around 50 million customers globally.

 

Starling

 

 

Starling Bank is another success story, with over 4 million customer accounts. According to Sacra, Starling is the 3rd largest neobank in the UK after Revolut and Monzo.

 

Zopa

 

 

Zopa, which began as a peer-to-peer lending platform, is now a digital bank with around 850,000 customers.

The company reached unicorn status after raising £80 million in 2024.

 

What’s Next for Monzo?

 

If Monzo can continue on its current trajectory, it’s sure to go down in history as one of the most successful digital banks to come out of the UK.

With strong expansion plans, new products on the horizon and a potential IPO in its future – it’s definitely becoming a force to be reckoned with in the world of modern banking.