Monzo CEO Unconcerned About Mounting Losses

The CEO of Monzo, Tom Blomfield, has warned that losses at the digital bank this year will continue to mount as the company embarks on an expensive advertising campaign; he described this campaign, that will cost £20m, as a strategic choice and that, “Structurally we have a really strong position?.?.?.?over time we’re going to build a very successful business”; he also said that Monzo will also spend more money on both technology and staff which will also contribute to the increased losses; meanwhile total customer deposits have risen six-fold over the past year to £462m. Source.