Monzo Reports Strong Profitable Growth: £1.7bn Revenue and £172.6m Profit as It Adds Record Customers in the UK and Sets Its Sights on Europe

WHY THIS MATTERS: Monzo’s strong financial performance validates the long-term thesis for challenger banks: converting mass user bases into profitable, high-value customers through product diversification. This report marks the end of the ‘growth at all costs’ era for UK neobanks and heralds the beginning of the ‘full-stack financial operating system’ era. The strategic acquisition of digital mortgage broker Habito, alongside deep integration into investments, pensions, and enhanced borrowing, demonstrates a concerted move toward embedded finance. By offering a seamless suite of services that capture major financial life events—from daily spending to homeownership—Monzo is effectively positioning itself as a consumer super-app. This shift is the definitive blueprint for how digital banking entities move from being novelty accounts to becoming the core, primary financial relationship, putting pressure on traditional institutions and rivals alike to match this expansive vertical integration.

Monzo, a leading digital bank with more than 15.2m customers, shares strong financial results for the year ending March 31 2026. In FY2026, Monzo laid the foundations for its next phase of growth, unlocking opportunities in the UK and Europe. The digital bank secured a European banking licence, acquired digital mortgage broker Habito, and launched new products across Investments, Insurance, Business Banking and more. 

Strong profitable growth 

In FY2026, Monzo delivered strong profitable growth, while investing significantly in international expansion, product, platform, brand and marketing to seize the massive opportunity across the UK and Europe. 

• Diversified revenue: Revenue surged 39% to £1.7bn, powered by four £300m+ income streams: current account balances, borrowing, payments and wealth¹. Business Banking also delivered another stellar year and now represents 14% of total revenue. 
• Profitability milestone: Gross profit reached £1.0bn for the first time, while adjusted profit before tax climbed 20% to £172.6m. 
• Sustained levels of engagement: Monthly Active Users (MAU) hit 10.4m and card spend was up 32% year on year. Average Revenue Per Active Customer (ARPAC) grew 11% to £183, with the average number of products per customer increasing to 3.2 from 3.0. 
• Trusted with salary and savings: Customer deposits increased 55% to £25.7bn, with 49% of MAUs using Monzo as their primary bank.² 

Record customer numbers 

With a record 3m customers joining this year alone, Monzo’s customers continue recommending its products with 79% joining through word of mouth, and its Net Promoter Score (NPS) rising to 76.

• Standout year for business banking: Business customers surged 45%, taking the total to over 905k – equivalent to 1 in 7 UK businesses. 
• Next gen: We welcomed 1m+ Monzo for Under 16s customers in the first year since launch. 
• Subscriptions: 1.6m+ customers now subscribe to paid plans, a 49% increase. ● Customer satisfaction: Monzo topped the CMA’s bi-annual survey for overall service quality across personal current and business accounts in Great Britain.³ 

Building products to meet every financial need 

Monzo continued to expand its product suite to meet the diverse range of needs of its customers who span different life stages, circumstances and ambitions, including: 

• Investments & pensions: 650k investment or pension accounts are managed with Monzo, following the introduction of Exchange-Traded Funds (ETFs) for more experienced investors and a pensions contribution feature. 
• Savings: 3.5m+ customers hold savings with Monzo. A new Select Access Savings account, which offers a higher interest rate, attracted £117m deposits within three weeks of launch. 
• Borrowing: 4.1m customers borrow with Monzo across credit cards, loans, and overdrafts, with its lending book growing 42%. 
• Homeownership: The acquisition of digital mortgage broker Habito completed in April, building on Monzo’s existing homeownership tool already used by 550k+ customers to track their mortgage and find better deals. 

Looking ahead 

Monzo enters FY2027 with significant momentum, a clear strategy and a fast-growing, highly-engaged customer base. The company will build on strong customer engagement in the UK with more game-changing products to help customers achieve their financial goals. At the same time, Monzo will continue expanding in Europe, bringing a product that meets specific local needs in each market. Following a successful launch in Ireland with a 100,000-strong waitlist, the digital bank announced Spain as its next European market. 

Diana Layfield, Group CEO of Monzo, said:  “We’ve delivered strong, profitable growth while investing in the foundations that will power our future. Millions of customers are choosing Monzo for more of their financial lives. We’re building on that momentum by delivering more products for personal and business customers, continuing to grow in the UK and bringing Monzo magic to Europe in a way that feels truly local from day one. Our mission to make money work for everyone is more relevant than ever, and the opportunity ahead has never been greater.”

FF NEWS TAKE: This set of results unequivocally moves the needle for the entire digital banking sector, confirming that profitability can be achieved without sacrificing growth. Monzo is no longer a challenger; it is a scaled incumbent with a modern stack. The next phase to watch is the execution of its pan-European expansion, particularly into Spain. Success hinges on whether Monzo can replicate its UK model by deeply localising its product set and achieving the same high levels of primary bank usage abroad, transforming it into a truly global fintech powerhouse.