Monzo has increased annual profits as the Digital Bank has attracted new customers and has earned money from its paid subscription programs.
The company reported a $ 60.5 million profit for the year by the end of March-producing four £ 13.9 million a year earlier.
Last year, Monzo’s employees sold £ 109million to the sale of employees’ share, which increased the bank’s value to 4.5 billion pounds.
With the exception of the financial impact of sales-which also spent about £ 53m on the group-the pre-taxation of it was eight times as much as 113.9 million pounds.
Founded a decade ago, the bank encouraged its first annual profit last year to become the seventh British Bank with more than 12 million customers.
The 2.4 million new customers have joined it over the past year, with deposits increased by 48 % to £ 16.6 billion.
The Digital Bank has also received money in new subscription programs, which offers retailers such as VUE and GREGGS, advanced budget and telephone insurance and travel insurance features.
According to him, about one million customers paid for subscription last year, and the group’s revenue increased 38 % to £ 329m.
“With the best technology and banking together, we are seeing accelerating the unprecedented growth and movement of the customer,” said Monzo’s chief executive TS Anil.
