Digital bank Monzo expects pre-tax profit to reach £15.4 million in 2023-2024

Digital bank Monzo stated in its annual financial performance that its pre-tax profit for the 2023-2024 fiscal year totaled £15.4 million ($19.6 million), turning losses of £116.3 million from the previous year into profits. Monzo's annual revenue was £880 million, higher than £355.6 million in 2022, which means it has more than doubled. Monzo is one of the largest digital banks in the UK, with a valuation of $5.2 billion this year. This is thanks to the investment products launched in collaboration with asset management giant BlackRock.