Digital banking giant Monzo has reached £1bn in gross profit for the first time, according to annual results published on Tuesday.
This marks the London-based fintech’s third consecutive year of profitability, with a 20% rise in its adjusted profit before tax to £172.6m.
The bank also saw a 39% boost in revenue, with four of its income streams bringing in over £300m: current account balances, borrowing, payments and wealth.
A record 3m customers joined the bank this year, with the bank's regular users hitting 10.4m.
Its business banking customers grew by 45% to over 905k, with the product now bringing in 14% of revenue.
"We've delivered strong, profitable growth while investing in the foundations that will power our future,” says group CEO Diana Layfield.
“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.”
The Revolut rival launched in Ireland in April with 100k Irish customers signing up to the waitlist ahead of time.
Earlier this month, Monzo announced Spain as the next market in its European expansion plans, opening offices in Barcelona and Madrid.
JPMorgan’s digital bank Chase will also be taking on the continent, as the Financial Times reported it is expected to debut in Germany over the coming weeks.
Monzo’s bullish approach for Europe comes after the fintech shut down its US operations earlier this year.
