Monzo revenues have topped £1billion for the first time following a boom in customer numbers.
Chief executive TS Anil said the digital bank was ‘just getting started’ after sales grew 48 per cent to £1.2billion over the 12 months to March 31.
Monzo welcomed 2.4m customers, bringing its total base to more than 12m clients – making it the UK’s largest digital bank and the seventh-largest overall.
Profits hit £60.5million, some four times higher than a year earlier, as the fintech firm reaped the rewards of new paid subscription plans.
About 1m customers pay for a subscription, which offers perks with retailers including Greggs and Vue, as well as phone and travel insurance. Anil however, dashed hopes that the bank – founded in 2015 and which employs 3,700 staff – will list on the London stock market anytime soon.
‘He said such a move ‘is not something we’re focused on right now’.
Growth: Monzo chief exec TS Anil (pictured) said the digital bank was ‘just getting started’ after sales grew 48% to £1.2bn over the 12 months to March 31
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