UK challenger bank Monzo has published its 2019 annual report. According to Monzo. The annual report is a detailed look at what a company’s been doing and how that’s affected its finances over the past financial year. CEO of Monzo, Tom Blomfield, has also written a review that gives a good summary of the challenges the company came across and the progress we’ve made between February 2018-2019.
“We want to make sure everyone that uses Monzo can access our annual reports easily too. So, like we’ve done the last two years, we’re sharing our annual report for the financial year that ended in February 2019.”
Blomfield also noted:
“Remarking on how much has changed seems to have become something of a habit in Monzo annual reports. In that sense, the last 12 months have been no different – the pace of change remains staggering. We’ve just passed 2 million total users, and we’re adding more than 200,000 new accounts every month, helped by a successful TV ad campaign. A year ago, we added 60,000 a month. Net Promoter Score remains steadily at about +80, and we’ve won multiple awards for our customer service. We’ve grown revenue considerably: we’ve just crossed £40m of annual run-rate revenue (based on May 2019 revenue), but there’s still plenty of work to do to get to profitability. Around 30% of active users deposit at least £1,000 per month (our definition of ‘salaried’), up from 13% a year ago.”
Blomfield also reported that Monzo now has a Board of Directors and a set of shareholders who are aligned with that long-term approach.
“We’ve added more than £200 million of additional capital in the last 12 months from world-class investors, along with 36,000 customer crowd investors. That money will go towards sustaining our growth, building new revenue-generating features and helping us expand outside of the UK – our next stop is the United States, where we’re launching with a partner bank similar to how we started in the UK.”
See the full report here
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