Monzo vs N26
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Monzo wins on profitability and lending depth; N26 covers more of continental Europe but exited the UK.
At a glance
| Metric | Monzo | N26 |
|---|---|---|
| Revenue | £1.2B (FY2025) | ~€440M (2024 est.) |
| Profit | £113.9M adjusted PBT (FY2025, up ~8x) | First quarterly profit (Q3 2024) |
| Active users | 13M+ customers (12.5M personal, 700K+ business) | ~4.8M active customers (end-2024) |
| Employees | ~3,000+ | ~1,500 |
| Founded | 2015 | 2013 |
| HQ | London, UK | Berlin, Germany |
LLitmus Framework Score
Overall: Monzo 94 · N26 89
Customer Segment
98
90
Value Proposition
95
92
Marketing Channel
96
85
Engagement
92
88
Income Source
90
95
Asset Validation
88
90
Core Operations
95
85
Strategic Alliance
85
80
Expense Validation
90
88
Monzo leads 7 modules, N26 leads 2. Overall edge: Monzo.
Head to head
| Dimension | Monzo | N26 |
|---|---|---|
| Core market | UK leader | Eurozone (exited UK and US) |
| Profitability | £113.9M adjusted PBT (FY2025) | Reached monthly profitability later |
| Revenue mix | NII-led + interchange + subscriptions | Subscriptions + interchange-led |
| Customers | 13M+ | ~8M+ |
FAQ
Is Monzo or N26 a better business?
Monzo wins on profitability and lending depth; N26 covers more of continental Europe but exited the UK. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Monzo and N26's business model?
Monzo operates in Fintech (Banking that fits your life), while N26 is Fintech (The Mobile Bank). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Monzo or N26?
Monzo: £113.9M adjusted PBT (FY2025, up ~8x). N26: First quarterly profit (Q3 2024).