Monzo has announced it has surpassed 10 million customers in the UK, making it the country's largest digital-only bank by user base. The milestone comes alongside the neobank's first full-year profit of £15.3 million for the twelve months ending February 2025, a dramatic improvement from the £116 million loss reported the previous year. Chief executive TS Anil described the results as "a validation of our strategy to build a bank that genuinely works for people."

The profitability surge has been driven by a combination of rising interest income, growth in Monzo's premium subscription tiers, and an expanding lending book that now includes personal loans, overdrafts, and salary advance products. Revenue climbed 89 per cent year-on-year to £880 million, with net interest income accounting for roughly 60 per cent of the total. The bank's cost-to-income ratio fell below 85 per cent for the first time, signalling improved operational efficiency.

Analysts at Berenberg noted that Monzo's trajectory places it firmly on track for a potential IPO within the next 18 months. The bank is also preparing to launch business banking features aimed at small and medium enterprises, a segment currently dominated by Starling Bank and Tide. "Monzo has proven that the neobank model can work at scale in the UK," said Sarah Sheridan, fintech analyst at Autonomous Research. "The question now is whether they can sustain this momentum as interest rates begin to ease."