UK-based digital bank Monzo has announced plans to open an office in Dublin. This decision follows the bank’s first annual profit in nine years of operations. Monzo, which serves around 9.7 million customers, reported a net profit of £15.4 million (€18 million) for the year ending in March. This is a significant turnaround from the previous year, when the bank recorded a loss of £116.3 million.
Monzo’s Indian-origin chief executive, TS Anil, highlighted the bank’s strategic move to expand its operations in Europe. Anil stated that the initial steps to establish the Dublin office are underway, with the office expected to be operational in the coming months, although no specific date has been provided.
Since its launch in the UK in 2015, Monzo has grown rapidly, becoming the largest digital bank in the country. Despite its rapid customer growth, the bank has struggled to achieve profitability until now. In addition to its European expansion, Monzo is also preparing to establish a presence in the US.