Monzo revenues surge more than twofold

UK digital bank Monzo experienced record revenue growth in 2022, setting it on course to achieve annual profitability by the end of 2023, according to an investor update seen by Sifted.

Annualised revenues shot up 250% to £440m in the twelve months to December 2022 — a huge uptick from the 92% revenue growth to £154.2m that the neobank reported for the year to February 2022.

Monzo now expects to break even this year — achieving a status that has, up until now, been extremely rare among Europe’s neobanks.