Monzo hits £1bn gross profit milestone as UK digital bank accelerates European expansion into Spain
Monzo, the London-based digital bank, has achieved £1bn in gross profit for the first time and announced its third consecutive year of profitability with a 20% rise in adjusted profit before tax to £172.6m. The fintech is expanding aggressively across Europe, having launched in Ireland in April with 100k customers on the waitlist and announcing Spain as its next market with offices in Barcelona and Madrid. The bank recorded 3m new customers this year and saw business banking customers grow 45% to over 905k.