Digital financial institution Monzo noticed £114m in pre-tax losses final 12 months in keeping with the corporate’s annual report for 2020–2021, launched on Friday.
The corporate noticed an identical loss charge final 12 months, however insisted it might be worthwhile by 2022. Revenues grew 18% to £66m.
The filings additionally revealed that Monzo’s accountants had “materials uncertainty” over the corporate’s future, following on from final 12 months’s warning, which posted “vital doubt” on its potential to proceed.
Furthermore, the filings revealed regulators are within the early phases of an investigation into Monzo’s monetary crime requirements.
This new set of filings level to an unsure future for a corporation that has been rocked by quite a few senior exits, together with that of its CEO and founder Tom Blomfield, and devaluations amidst the pandemic.
Nonetheless, because the UK begins to exit lockdown, the fintech is hoping it may bounce again, revealing it’s now seeing 30% income in comparison with final March.
The story is growing…