Overview

• Monzo’s customer base expanded to 12.2m in the year to March, with deposits rising 48% to £16.6bn.
• About 1m customers subscribed to paid plans, driving fee and commission income up 38% to £329m.
• After excluding a £53.4m one-off charge from a staff share sale, Monzo recorded an adjusted pre-tax profit of £113.9m.
• The bank has appointed Morgan Stanley as an adviser and outlined plans to deepen its operations in the US and EU via Ireland.
• A recent employee share sale valued Monzo at £4.5bn, reflecting investor support from backers such as CapitalG and Tencent.