Monzo Reports £114M Loss With a Bleak Future Outlook

Leading UK digital bank Monzo released its annual report yesterday and the numbers were not pretty; the company reported that in 2019 they lost £113.8 million and the fallout from the pandemic casts “significant doubt” on their ability to continue as a going concern; Monzo has 4,4 million customers but has suffered greatly from the pandemic particularly due to travel restrictions that has reduced revenue; the company is pinning its hopes on launching “powerful new products” that generate revenue; co-founder and president Tom Blomfield said, “Our focus right now is on becoming a sustainable company that’s here for the long haul.” Finextra.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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