UK digital banking pioneer Monzo reported its monetary outcomes for the 2023-24 fiscal yr at the moment.
The numbers are spectacular. Whole income was £880 million for the yr, greater than 2x the £356 million from the earlier yr. Most significantly, the corporate reported its first full yr of profitability of £15.4 million (pre-tax). up from a lack of £116 million the earlier yr.
Monzo loaned £1.4 billion to prospects throughout the yr, a rise of 84%, whereas additionally growing credit score losses by 75%.
Deposits additionally grew to £11.2 billion, and the corporate introduced that it now has 9.7 million prospects, including 2.3 million throughout the yr.
Monzo additionally confirmed that it’s within the early phases of increasing into the European market, which is able to start with an workplace in Dublin, Eire.
All-in-all, this was a stable report for Monzo, displaying you could develop income shortly whereas additionally being worthwhile.
Featured
> UK neobank Monzo experiences first full (pre-tax) revenue, prepares for EU growth with Dublin hub
Paul Sawers
Monzo has introduced its 2024 monetary outcomes, revealing its first full-year pre-tax revenue. The corporate additionally confirmed that it’s within the early phases of increasing into the broader European market through a brand new base in Eire.
From Fintech Nexus
> Banks slowly making ready for AI, open banking: Sopra Digital Banking Expertise Report
By Tony Zerucha
AI occupies executives’ ideas in some ways, in accordance with the outcomes of Sopra’s third annual Digital Banking Expertise Report.
Podcast
Anthony Sharett, President of Pathward, on learn how to do banking-as-a-service proper
Whereas the BaaS area is having a second proper now, there are some banks, like Pathward, that proceed to serve their many…
Webinar
Improvements for Smarter and Faster Lending Choices
Jun 6, 12pm EDT
The borrower of 2024 is extra demanding than ever earlier than. They need prompt mortgage approvals and a frictionless checkout course of….
Additionally Making Information
- USA: Financial savings app CEO says 85,000 accounts locked in fintech meltdown: ‘We by no means imagined a state of affairs like this’
The continuing Synapse chapter mess has uncovered the dangers in a nook of fintech that grew in prominence throughout a growth in enterprise funding. - USA: Embedded finance alternatives beckon giant banks
The rise of ecommerce and vertical software-as-a-service platforms are prime alternatives for giant banks to promote fee processing, card issuance and different banking capabilities. - USA: Zelle faces Senate probe on fraud“
The dimensions of fraud on the Zelle platform is unacceptably excessive,” Nationwide Customers League Vice President John Breyault mentioned. - Europe: Bunq, the $1.8 billion European neobank, hopes to safe license for UK growth this yr“
I hope we’ll get someplace by the top of the yr, perhaps early subsequent yr,” Ali Niknam, Bunq’s CEO and founder, informed CNBC on the Viva Tech convention in Paris. - USA: $9.2 billion fintech Navan appoints ex-NYSE exec as CFO forward of anticipated IPO
Amy Butte, who was the New York Inventory Change’s CFO between 2004 and 2006, will be a part of Navan as its new CFO in June. - USA: How Colony Financial institution Employed a Fintech Creator to Soar Begin InnovationYou received’t discover Christian Ruppe on the frontiers of synthetic intelligence — and also you certainly received’t discover him messing with the likes of quantum computing. As a substitute, the neighborhood financial institution innovation chief focuses on making use of his fintech-brewed expertise to assist his establishment transfer into the quick lane for its personal specialties.
To sponsor our newsletters and attain 180,000 fintech fanatics together with your message, contact us right here.
