This week, Crowdcube success and challenger bank, Monzo, released it’s 2017 Annual Report, which was sent to Companies House, with the year ending on February 28, 2017.
According to the company, every company throughout the UK submits their yearly financial accounts to Companies House and consists of a paper document full of financial tables that are sent by post, then scanned and uploaded to the Companies House’s database. Monzo noted that customers never see the document unless they search for it, which apparently becomes a difficult process.
“We believe in being transparent by default. As jzw95 on our community forum put it perfectly: ‘[Transparency is] not just about documents being technically available, it’s about making them easy to access and read.’ So today we’re publishing our full financial statements in a new section on our website, beginning with an overview from Monzo’s CEO Tom Blomfield. This has also been sent to all of our investors from our last two crowdfunding rounds and will be prominently linked from our Transparency Dashboard.”
As previously reported, Monzo raised funding on Crowdcube in March 2016. This earlier round secured £1 million in just 96 seconds as demand quickly outstripped the offer. Monzo (at one point in time operating under the name Mondo) has now raised £35 million in growth capital. The challenger bank is raising a total of £22 million in the Series C investment round, including a £19.5 million investment from Thrive Capital, £5 million from Passion Capital and £1.5 million from Orange Digital Ventures, along with the latest £2.5 million Crowdcube investment.
Monzo added that in the past twelve months it has seen hundreds of thousands of people sign up as it prepared to launch its current account. It presents the report to crowdfunding investors, the community, and customers. See the report below.
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