Monzo profits jump 44 per cent as challenger bank becomes seventh largest in UK

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleMonzo has seen a huge uptake in its paid subscription services (Monzo/PA)Monzo, the digital challenger bank, announced a significant 44 per cent surge in its annual pre-tax profits, reaching £87.3 million for the year ending March. This profit increase was primarily driven by a 39 per cent rise in total revenues to £1.7 billion, attributed to increased lending activities and the growing uptake of its paid subscription services. The bank's paid subscription plans now have approximately 1.6 million customers, contributing to a 39 per cent increase in fee and commission income, totalling £459 million. Monzo's customer base expanded to 15.2 million, positioning it as the UK's seventh-largest bank by customer numbers, as it encourages more users to adopt it as their primary bank. The bank's former chief executive, TS Anil, received a pay package of £3.5 million last year before stepping down, with Diana Layfield succeeding him in the role. In fullMonzo profits surge as digital bank thrives with lending and subscriptions servicesThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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