Wednesday, June 12, 2024
18.5 C
New York

Monzo records first full year of profitability as it eyes international expansion

Monzo Announces First Full Year of Profitability:

  • Financial Performance:
    • Reported a pre-tax profit of £15.4 million for FY ending 31 March 2024.
    • Significant turnaround from a £116.3 million loss in FY2023.
    • Gross revenues increased by 2.5x to £880 million.
  • Revenue Growth Drivers:
    • Introduction of new products and services:
      • Call Status fraud prevention tool.
      • Cashback rewards.
      • Monzo Investments.
      • Instant access savings account.
  • Customer and Deposit Growth:
    • Customer deposits surged by 88% to £11.2 billion.
    • Expanded customer base by 2.3 million, including 200,000 new business clients.
  • Funding and Valuation:
    • Raised $430 million in March, led by CapitalG (Alphabet’s independent growth fund).
    • Supplemented by an additional $190 million last month.
    • Post-money valuation now exceeds $5.2 billion.
  • Future Aspirations:
    • Plans to expand presence in the US and Europe.
    • Ireland is considered a “gateway” into Europe, with plans to establish a Dublin office.
    • Hired Conor Walsh as US CEO to drive US expansion plans.
    • Upcoming product launches, including expanded mortgage offerings and a new pensions product.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

U.S. Bank taps Greenlight for family-focused money management tools

U.S. Bank Partners with Greenlight to Enhance Financial Literacy...

Finseta offloads non-trading subsidiary Capital Currencies to undisclosed buyer for £150,000

Summary of Finseta's Sale of Capital Currencies:Transaction Overview:...

Peru becomes first South American country to adopt NPCI’s UPI tech

Summary of BCRP and NPCI International Partnership:Partnership Overview:...

Beobank selects Viva to power new corporate payment solutions for SMEs in Belgium

Beobank and Viva Partnership - Key Points:Partnership Objective:...

Siri and Google Assistant look to generative AI for a new lease on life

There’s a lot riding on next week’s WWDC 2024...

Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system

Centenary Bank Technology Transformation - Key Points:Bank Overview:...

Related Articles

Popular Categories