In its annual report for the year ending February 2023, Monzo reported net operating income of £214.5 million ($266.1 million), almost doubling year-over-year from £114 million.
Losses at the bank nevertheless came in at a substantial £116.3 million — though this was slightly lower than the £119 million net loss Monzo reported in 2022.
Still, the company managed to reach profitability in the first two months of the year.
Starling Bank reached that milestone for the first time in 2021.
Fellow fintech Allica Bank reached monthly profitability last year.
Persons:
Monzo, James Davies, Anil, Starling, Monzo's
Organizations:
CNBC, Starling Bank, Allica Bank