Monzo says its mortgage tracker has hit over 200,000 users since launch and the digital bank is in early discussions to allow customers to apply for home loans through its app.
The lender’s mortgage tracker, launched in April 2023, lets users track how much they’ve paid toward their mortgage and how much equity they have built up.
Over the coming year “we’ll launch many more products and features, including pensions and an expansion of our mortgage feature,” said Monzo chief executive TS Anil in its annual report published today.
Earlier this month, Anil said the business was in the early stages of exploring partnerships with lenders to offer mortgages directly through its platform, in an interview with CNBC.
The bank, known for its eye-catching coral-pink cards, claims around 9.7 million customers, and expects to hit 11 million by the end of this year.
Monzo reported a pre-tax profit of £15.4m for the year to March, up from a £116.3m loss the previous year. This is the bank’s first full-year profit since it was launched in 2015.
In February, the private firm secured another £350m in funding from investors, which pushed its value close to £4bn.
