Monzo, known for its vibrant debit cards and popular among millennials, is evolving into a major financial entity. The bank recently reported its first annual profit and boasts millions of personal and business accounts. With a diversified revenue model moving beyond fees, CEO TS Anil is steering Monzo towards maturity while maintaining its appealing brand. Despite challenges including regulatory scrutiny, Monzo is expanding its services, but its U.S. market presence remains limited, raising questions about its broader ambitions.
Under Anil, Monzo is still flashy. Those hot coral cards remain a must for many younger banking customers, but it's also becoming a serious financial institution.
Monzo's first annual profit last year, with 9.3 million personal accounts and no longer reliant on fees, marks its shift to a mature, sustainable business.
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