Monzo’s pivot from cool to corporate: ‘freshness is not about gimmicks’

Monzo, Britain’s biggest digital bank, is still synonymous with its neon debit cards, extensive use of emojis, and free spending abroad. But it’s no longer just trying to be cool; it’s trying to become a major financial institution. That shift, from an upstart fintech beloved by millennials into a mature, sustainable business, is what makes this year a likely turning point. In a sit-down with this editor last week, despite signs that Monzo is preparing to go public – along with new reports that something is in the works – Monzo CEO TS Anil wouldn’t confirm that Monzo is listing this year. He suggested the building blocks are in place, though: profitability, product breadth, and just the right amount of AI. The numbers help tell the story. Monzo posted its first annual profit last year. In its 2024 annual report, it claimed 9.3 million personal account holders and more than 400,000 business customers. It’s also no longer reliant on interchange fees and overdrafts; lending, subscriptio ... Read full article.