TS Anil, CEO of Monzo bank, claims the company is going to continue on scaling up the business, defying the retrenchment forced on many fintechs by slowing economic growth and a downturn in markets.
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He said his big plans also have the backing of Monzo’s shareholders, who invested $500mn into the bank in a fundraising that took place last year and raised Monzo’s value to $4.5bn.
“For every question I get on profitability, I get many times that number from investors and others asking whether we’re investing wisely for the long term,” Anil said in an interview with the Financial Times.
“It’s incredibly important to us that we build Monzo not just for today, but for the big global ambition that we have.”
Monzo is still hiring and aims to build out its buy now, pay later service while looking to expand in the US, Chief Executive Officer TS Anil said in an interview.
The London-based firm reported revenue up 92% to £154.2 million in the year through February, while net losses before one-time charges such as last year’s staff stock options rose 2% to £119 million.
Monzo, which was founded in 2015, is one of the UK’s largest digital banks with about 5.8 million customers after raising £450 million in December 2021. The CEO confirmed Monzo would not be seeking to raise further capital this year.
The digital bank joined the buy now, pay later market in March with an option to spread the cost of purchases over three months interest-free, or over six to 12 months with interest. Monzo Flex currently has about 35,000 customers and 300,000 on the waiting list.