Monzo Bank makes more money per customer than Revolut.

That sentence would have been unthinkable two years ago.

But the recently dropped 2026 annual report confirmed it: Monzo now generates £167 in revenue per active personal customer, while Revolut generates £66.

The gap is the difference between a primary bank  and a multi-currency spending card, and it’s the number that will anchor every IPO conversation Monzo has this year.

The headline figures are definitely strong.

> Revenue surged 39% year-on-year to £1.71B.

> Gross profit broke £1B for the first time.

> Statutory pre-tax profit hit £87.3M (up 44%), or £172.6M adjusted for an FCA fine and restructuring charges. Three consecutive years in the black.

> A customer base of 15.2M, with one in five UK adults now banking with Monzo.

> Deposits up 55% to £25.7B. Four revenue streams each clearing £300M, up from one a year ago.

By every growth metric, this is a neobank that has crossed into proper banking territory.

Yet, the investment case isn’t about what Monzo has done. It’s about what happens next, and that’s where the picture gets complicated.

Full deep dive below👇