So, like, Monzo, the biggest digital bank in Britain, you know, is still all about those neon debit cards, emojis everywhere, and free spending abroad. But now, they’re not just trying to be all cool and hip; they’re actually aiming to be, like, a major financial institution, you know what I mean?
The whole transition from being this cool fintech company loved by millennials to, like, a legit sustainable business is what makes this year, like, a real game-changer. I mean, I was chatting with the editor last week, and even though there are signs that Monzo might go public soon, the CEO TS Anil didn’t really confirm anything, you know? He’s all like, “Yeah, we got the profitability, the product variety, and just the right amount of AI, but who knows about going public this year, right?”
But, like, the numbers tell a different story, man. Monzo actually made a profit last year, which is pretty cool. And in their 2024 annual report, they mentioned having, like, 9.3 million personal account holders and over 400,000 business customers. They’re not just relying on interchange fees and overdrafts anymore; they’re making bank (pun intended) from lending, subscriptions, and business banking. It’s been quite a journey for them, with all the regulatory stuff and leadership changes, but they’re, you know, growing up real fast.
Under Anil’s leadership – he’s this banking pro who joined Monzo in 2020 and took over as CEO from the co-founder – Monzo is still flashy, man. Those hot coral cards are still a hit with the younger crowd. And they’re getting more serious about their product lineup. Now, Monzo customers can invest in mutual funds powered by BlackRock and even keep track of their mortgages from other lenders in the Monzo app. Pretty neat, huh?
They’re even making moves in the U.S., although most Americans haven’t really heard of them yet. The big question is, like, do they need to crack the U.S. market to become this global powerhouse Anil dreams of?
Anil seems pretty chill about it, though. He’s like, “Nah, man, we’re good in the UK. One in five adults banks with us here, so we still got room to grow in our own backyard.” According to him, they added, like, 300,000 new users just in April. Not bad, right?
We also talked about whether Monzo might become this, like, legacy player in the future. I mean, they’re 10 years old now, and AI is, like, changing everything. So, I asked Anil if he’s worried about the rise of AI-native banks.
And he’s all like, “Nah, we’re not some old-school player. We’re all about that cutting-edge tech.” But he did mention that if he sees any signs of them, like, not keeping up with new tech, that would be a red flag. But, like, that’s not who they are, you know?
As for the IPO rumors, Anil’s like, “Yeah, don’t believe everything you read. We’ll go public when we’re good and ready.” So, yeah, Monzo is on its way to becoming this big shot in the financial world.
If you wanna know more about how Monzo stays fresh with its marketing, uses AI, and handles new tech, check out the full chat below. It’s pretty interesting stuff, man.
