Monzo was co-founded in 2015 by entrepreneur Tom Blomfield as an app-only competitor to big banks. Photo: Paul Grover for The Telegraph
Mr Anil said the lender was moving away from its early reputation as an app-and-debit card bank for millennials to become a bank for everyone.
He said: “People often assume that Monzo is only a bank for very young people. Our average age is well over 30, which means that half of our clients are on the other side of this age. We have hundreds of customers in their 90s who use Monzo's banking services.
“The early stories about Monzo are typical of any digital adoption curve. The first group of customers tend to be younger and more tech-savvy, but over time our product will appeal to everyone, regardless of demographic.”
Mr Anil said Monzo was likely to remain profitable in foreseeable future.
The number of customers who now consider Monzo their primary bank has doubled over the past few years, he added. Nearly a quarter of Monzo's nine million customers use it as their primary lender.
Monzo also reported more loan losses and debt, although this was expected as a larger balance and more lending typically means more impairments. Monzo lends out only about 15% of its deposits, compared with almost 80% for typical high street banks.
In March, Monzo raised a further £340m in a fundraising round led by Google's growth fund, CapitalG, to further fueling its expansion.
The bank plans to open a new Irish office in Dublin in the next few months. The move is intended to give the bank a foothold in the EU to sell services in European markets such as France and Germany.
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