Digital bank Monzo has reported its first full year of profitability, posting pre-tax profits of £68 million and setting the stage for what is expected to be the largest London Stock Exchange IPO since ARM's return to public markets.
The milestone caps a remarkable turnaround for the neobank, which as recently as 2022 was burning through £100 million annually and facing questions about its long-term viability. Revenue surged 84 per cent to £840 million, driven by lending products and a premium subscription tier.
"We've proven that you can build a profitable bank from scratch in Britain," said CEO TS Anil. "The IPO is the natural next step — and we're choosing London because this is where we were built and where we belong."
The decision to list in London rather than New York is being celebrated in the City as a vote of confidence in the UK capital markets, following a string of high-profile departures. Investment banks JPMorgan and Goldman Sachs have been appointed to lead the offering.
Monzo now has over 10 million customers in the UK and recently launched in the United States, where it has signed up 500,000 users in its first six months.
