Challenger bank Monzo has reported annualised revenue of £440m up to December 2022, up from the £154.2m in its previous financial statement published in February last year.
The 185% revenue increase was shared in an update with investors, which stated the London-based fintech has been “cash flow positive” since October 2022.
The figures were first reported by Sifted. A Monzo spokesperson confirmed the numbers to UKTN.
The revenue figures suggest Monzo is inching closer to the notable milestone of achieving profitability, which is likely to be a key theme in its upcoming annual report.
It would join ClearBank, Starling, Zopa and OakNorth in becoming profitable challenger banks.
Monzo was founded in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman.
According to Dealroom estimates, Monzo has secured $1.3bn (£1.05bn) in funding to date.
The challenger bank has proven popular among millennials in Gen Zs, with its coral pink cards frequently seen in metropolitan areas.
However, it hasn’t always been plain sailing for the fintech. Initial plans to break into the US market struggled during the pandemic.
Last year Monzo was found to have breached banking rules by not sending 13,000 former customers their history of financial transactions.
In November last year, employees at Monzo said that they plan on forming a union.
Along with other UK fintechs, Monzo recently signed a letter to the FCA asking for more details on how open banking will be regulated.