The fintech firm reported a pre-tax profit of £15.4 million for the year ending in March, a significant turnaround from the £116.3m loss the previous year. Revenue more than doubled to £880m, boosted by a surge in net interest income and growth in transaction fees and subscriptions.

Despite increased provisions for credit losses due to customer arrears, Monzo’s performance has been lauded by CEO TS Anil, who emphasised the company’s commitment to both customer-centricity and financial success.

Monzo is now eyeing expansion into the European market, with plans to open an office in Ireland.