Monzo reported its first £1bn in gross profit, marking the London-based fintech's third consecutive profitable year. The digital bank saw a 20% rise in adjusted profit before tax to £172.6m, with revenue increasing 39%. Four income streams—current account balances, borrowing, payments, and wealth—each generated over £300m, demonstrating the company's diversified business model.

The bank's customer base expanded significantly, with 3 million new customers joining this year and regular users reaching 10.4 million. Business banking customers grew 45% to over 905,000, now contributing 14% of total revenue. Monzo's profitability comes as it continues to invest in both personal and business banking products while expanding its footprint across Europe.

Monzo's European ambitions became clearer with the recent launch in Ireland and announcement of Spain as its next market, with offices opened in Barcelona and Madrid. The move follows the closure of Monzo's US operations earlier this year. Group CEO Diana Layfield emphasized building "momentum by delivering more products" while bringing "Monzo magic to Europe in a way that feels truly local from day one."