Monzo, the UK’s top digital bank, is evolving fast. Known for its bright coral debit cards and emoji-filled app, Monzo has long been a favorite among young Brits. But now, the bank is shifting gears. It’s no longer just trendy—it wants to be taken seriously as a major financial player. That change marks a key turning point for the company. Monzo CEO TS Anil recently hinted at a bigger future. While he didn’t confirm if a Monzo IPO is happening this year, he said the bank is ready. With profits, a broad range of products, and AI tools in place, Monzo looks prepared for its next big step.
Profitable, Productive, and Expanding
Monzo’s 2024 annual report shows the bank is no longer just a startup. It posted its first annual profit and now serves 9.3 million personal account holders and more than 400,000 business customers. Unlike in the past, Monzo no longer relies mostly on card fees or overdraft charges. Now, it earns real revenue through loans, subscriptions, and business banking.
Much of this growth came after a period of heavy change. Regulatory pressure and leadership changes pushed the bank to grow up quickly. Under TS Anil, who took over from founder Tom Blomfield in 2020, Monzo has become more focused and disciplined.
Still, it hasn’t lost its charm. The coral cards remain iconic. But now, the app offers more than just spending alerts and budgeting tools. Users can invest in BlackRock mutual funds or track mortgages from other lenders—all within Monzo’s sleek app.
The bank also launched in the U.S., though most Americans haven’t heard of it. Monzo began testing its U.S. service six years ago, but its name remains unfamiliar. Despite that, Anil says global growth doesn’t depend on cracking the American market.
Instead, he sees more room to grow at home. One in five UK adults now banks with Monzo, and 300,000 more joined just in April. “There’s still market share to win in the UK,” Anil said.
IPO Plans and Staying on the Cutting Edge
Talk of a Monzo IPO is heating up. While Anil won’t confirm when or where the listing might happen, he says the bank is building toward that future. “We will be a great public company one day,” he said. “We haven’t decided either when or where, let alone with whom.”
Anil also downplayed worries about U.S. competition. He believes banks around the world make the same mistake—taking advantage of what customers don’t know. Monzo wants to break that mold by giving users tools that ease their money anxiety.
As for the rise of AI-native banks? Anil isn’t worried. He insists Monzo is still ahead of the curve. “Gosh no, we’re not a legacy player,” he said. “We continue to operate at the bleeding edge of technology.”
What would concern him, he added, is seeing the company grow lazy. “Complacency in adopting new tech would be a red flag,” he said. “But that’s the opposite of the company we are.”
While details of the Monzo IPO remain unclear, the signs are all there. Profitability, product growth, and customer expansion are strong. Whether or not the IPO happens in 2025, Monzo is already acting like a company ready for the public markets.
