Digital-only UK bank Monzo has published its 2025 Annual Report, with the group showing strong results.
Profit before tax reached £15.4 million, while revenue growth increased to £880.0 million over the same time period.
Customer acquisition also saw impressive growth over the last year, up 31% to 9.7 million users at the end of 2024. This was complemented by an 88% increase in customer deposits, which grew to £11.2 billion.
“We reached 9 million personal customers, 400,000 business customers, launched game-changing new products, closed a £489.5 million capital raise, and, as planned, reported our first year of profitability,” said TS Anil (Group CEO of Monzo).
How much does Monzo make per customer?
One of the key findings is that 33% of customers now use Monzo as their primary bank.
“The more customers enjoy the benefits of having Monzo in their lives, the more our average revenue per user (ARPU) for both business and personal accounts increases,” said Anil.
ARPU is the average amount of money Monzo gets from each weekly active user. This year, ARPU increased to £187 from £163 for retail and £542 from £469 for business accounts.
“Our existing products continued to evolve and scale as customers looked to make their money work harder, and they turned to our Instant Access Savings, with more than 2.3 million customers now growing their money with us,” Anil said.
“This was boosted by the launch of Instant Access ISAs, and overall in FY2025, we paid more than £250 million in interest to
customers.”
International ambitions
Anil also noted that the group has made meaningful strides over the last year to become more internationally focused.
This includes a number of significant hires to lead its expansion and make a global vision a reality, particularly in its Finance team, he said. “The deep experience we’re adding from leading banking and technology businesses will be invaluable as we continue to scale, grow and diversify further.”
He indicated that this would include a further push into European and US markets.
“We’ve laid the groundwork for our European expansion, and our plans are progressing well to bring everything Monzo to Europe. Michael Carney and a growing leadership team are driving those efforts through our gateway in Ireland. These are the first major steps on our journey to becoming a global banking disruptor.
“In the US, we’ve launched multiple new features and products, including interest-earning Savings Jars to our growing customer base, with the team continuing to grow and invest in the product under Conor Walsh’s leadership.
“As we continue to grow, the countries may be different, but the approach is the same: customer-first thinking, genuinely innovative products, a best-in-class tech platform and world-beating delivery,” Anil said.
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