Do we like them?

Do we like Monzo?

App-based UK retail bank (current accounts, loans, savings, business banking), based in London.

Our score: 6 out of 10. A popular, now profitable bank with real customer momentum. The £21m financial-crime fine and the boardroom fight hold it back, so we'd back it with some caution.

Monzo is a UK app-only bank that has grown into one of the country's biggest. Its results for the year to March 2026 show pre-tax profit of £87.3m, up 44%, and revenue up about 39% to £1.7bn, helped by lending and paid plans. One outlet reports a different, adjusted profit figure.

The big blot is the FCA fine. In July 2025 the regulator fined Monzo about £21m over weak financial-crime controls. The FCA said customer numbers grew roughly tenfold while its checks on new customers failed to keep up.

Then came boardroom drama. In October 2025 it was announced that boss TS Anil would step down and ex-Google exec Diana Layfield would take over. Reports said major shareholders were unhappy and wanted chair Gary Hoffman to go, with disagreement over where to list.

Since then, one October 2026 report says Monzo won't be joining Nubank's parent company. It says Monzo will look for fresh investor money, possibly aiming at an £8bn valuation, and that Hoffman left in September. We only found the one source for that. Our score: decent, but with some caution.