Monzo is still synonymous with its neon debit cards, extensive use of emojis, and free spending abroad. But it’s no longer just trying to be cool; it’s trying to become a major financial institution. That shift, from an upstart fintech beloved by millennials into a mature, sustainable business, is what makes this year a likely turning point. Despite signs that Monzo is preparing to go public – along with new reports that something is in the works – Monzo CEO TS Anil wouldn’t confirm that Monzo is listing this year. He suggested the building blocks are in place, though: profitability, product breadth, and just the right amount of AI. The numbers help tell the story. Monzo posted its first annual profit last year. In its 2024 annual report, it claimed 9.3 million personal account holders and more than 400,000 business customers. It’s also no longer reliant on interchange fees and overdrafts; lending, subscriptions, and business banking are now meaningful revenue streams. All this comes after a period marked by regulatory scrutiny and leadership turnover, developments that forced the company to grow up fast. It has also become more disciplined about its growing product lineup. Monzo’s customers can now invest in mutual funds powered by BlackRock, for example, and track their existing mortgages from other lenders in their Monzo app. When questioned about U.S. expansion and the competitive landscape, Anil downplayed the challenge. “I think there are a few universal truths that apply,” he said. “Most people feel anxiety about their money, and that anxiety is independent of affluence . . . The second thing that holds true is that the incumbent industry has been built off of arbitraging customers and leveraging, in some fashion, customers’ ignorance. Those are the insights that are helping us create the best features that would make sense in the U.S.; that’s the way we intend to double down.”